Peterson,Inc

Peterson,Inc.issued 4,000 shares of preferred stock for $280,000.The stock has a par value of $70 per share.The journal entry to record this transaction would ________.

A) credit Cash $280,000,debit Preferred Stock-$70 Par Value $4,000,and debit Paid-In Capital in Excess of Par-Preferred $276,000
B) debit Cash $280,000,credit Preferred Stock-$70 Par Value $4,000,and credit Paid-In Capital in Excess of Par-Preferred $276,000
C) credit Cash $280,000 and debit Preferred Stock-$70 Par Value $280,000
D) debit Cash $280,000 and credit Preferred Stock-$70 Par Value $280,000