The Sneed Corporation issues 12,000 shares of $46 par preferred stock for cash at $61 per share. The entry to record the transaction will consist of a debit to Cash for $732,000 and a credit or credits to

a.Preferred stock for $552,000 and Paid-in Capital in Excess of Par ValuePreferred Stock for $180,000.

b.Preferred Stock for $732,000.

c.Preferred Stock for $552,000 and Retained Earnings for $180,000.

d.Paid-in Capital from Preferred Stock for $732,000.