Peterson,Inc

Peterson,Inc.issued 4,000 shares of preferred stock for $240,000.The stock has a par value of $60 per share.The journal entry to record this transaction would ________.

A) credit Cash $240,000,debit Preferred Stock-$60 Par Value $4,000,and debit Paid-In Capital in Excess of Par-Preferred $236,000
B) debit Cash $240,000,credit Preferred Stock-$60 Par Value $4,000,and credit Paid-In Capital in Excess of Par-Preferred $236,000
C) credit Cash $240,000 and debit Preferred Stock-$60 Par Value $240,000
D) debit Cash $240,000 and credit Preferred Stock-$60 Par Value $240,000