2 of 10 < > View Policies -13 E! Current Attempt in Progress Cullumber Corporation issues 52000 shares of $50 par value preferred stock for cash at $65 per share. The entry to record the transaction will consist of a debit to Cash for $3380000 and a credit or credits to O Preferred Stock for $2600000 and Pald-In Capital in Excess of Par-Preferred Stock for $780000. O Preferred Stock for $3380000. O Preferred Stock for $2600000 and Retained Earnings for $780000. Paid-In Capital from Preferred Stock for $3380000. Save for Later: A Attempts: 0 of 2 used Submit