Logan Corporation Issues 70,000 Shares of $50 Par Value Preferred

Multiple Choice

Logan Corporation issues 70,000 shares of $50 par value preferred stock for cash at $60 per share.The entry to record the transaction will consist of a debit to Cash for $4,200,000 and a credit or credits to

A) Preferred Stock for $4,200,000.
B) Preferred Stock for $3,500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $700,000.
C) Preferred Stock for $3,500,000 and Retained Earnings for $700,000.
D) Paid-in Capital from Preferred Stock for $4,200,000.