Wallace Corporation issued 1,000 shares of $100 par value preferred stock for $150 per share. Which of the following journal entries should be recorded? A credit to common stock A credit to paid-in capital in excess of preferred stock A debit to paid-in capital in excess of preferred stock Incorrect. Read 14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock. A credit to cash A debit to preferred stock