The Snow Corporation issues 9,500 shares of $53 par value preferred stock for cash at $67 per share. The entry to record the transaction will consist of a debit to Cash for $636,500. What credit or credits will the entry consist of?

Select the correct answer.

Paid-in Capital from Preferred Stock for $636,500.

Preferred Stock for $636,500.

Preferred Stock for $503,500 and Retained Earnings for $133,000.

Preferred stock for $503,500 and Paid-in Capital in Excess of Par Value - Preferred Stock for $133,000.