The sneed corporation issues 10000 shares of 50 par value

Question

The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to:

a. Preferred Stock for $500,000 and Retained Earnings for $250,000.        

b. Preferred Stock for $750,000.               

c. Paid-in Capital from Preferred Stock for $750,000.       

d. Preferred stock for $500,000 and Paid-in Capital in Excess of Par ValuePreferred Stock for $250,000.