A Company Issued 70 Shares of $30 Par Value Preferred

A company issued 70 shares of $30 par value preferred stock for $4,000 cash. The journal entry to record the issuance is:

A) Debit Cash $4,000; credit Preferred Stock $4,000.
B) Debit Cash $2,100; credit Preferred Stock $2,100.
C) Debit Preferred Stock $2,100, debit Investment in Preferred Stock $1,900; credit Cash $4,000.
D) Debit Cash $4,000; credit Paid-in Capital in Excess of Par Value, Preferred Stock $1,900, credit Preferred Stock $2,100.
E) Debit Investment in Preferred Stock $2,100; credit Cash $2,100.