Ayayai Corp. issues 60000 shares of $50 par value preferred stock for cash at 570 per shure. The entry to record the transaction will consist of a debit to Cash for $4200000 and a creditor credits to O Paid in Capital from Preferred Stock for SA200000 Preferred Stock for $3000000 and Retained Earnings for $1200000. Preferred Stock for $4200000. Preferred Stock for $3000000 and Paid in Capital in Excess of Par Value-Preferred Stock for $1200000