Windsor, Inc. issues 56000 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $3920000 and a credit or credits to Preferred Steck for $2800000 and Retained Earnings for $1120000. Preferred Stock for $3920000 Paid-in Capital from Preferred Stock for $3920000. Preferred Stock for $2800000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $1120000. Attempts: 0 of 1 used