Please answer question #10, SHOWING ALL WORK ACCORDINGLY. Thank you!

Ayayal Corp. issues 60000 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 $4200000 and a credit or credits to O Paid-in Capital from Preferred Stock for $4200000. O Preferred Stock for $4200000. O Preferred Stock for $3000000 and Retained Earnings for $1200000. O Preferred Stock for $3000000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $1200000