The Vaughn Corporation issues $20000$ shares of $$100$ par value preferred stock for cash at $$130$ per share. The

entry to record the transaction will consist of a debit to Cash for $$2600000$ and a credit or credits to

Preferred Stock for $$2000000$ and Retained Earnings for $$600000.$

Preferred Stock for $$2000000$ and Paid$-$in Capital in Excess of Par$-$Preferred Stock for $$600000.$

Preferred Stock for $$2600000.$

Paid$-$in Capital from Preferred Stock for $$2600000.$