The Sneed Corporation issues 9,800 shares of $50 par preferred stock for cash at $61 per share. The entry to record the transaction will consist of a debit to Cash for $597,800 and a credit or credits to Oa. Pald-in Capital from Preferred Stock for $597,800. Ob. Preferred Stock for $490,000 and Retained Earnings for $107,800. c. Preferred Stock for $597,800. Od. Preferred stock for $490,000 and Paid-in Capital in Excess of Par Value-Preferred stock for $107,800