The Sneed Corporation Issues 10,000 Shares of $50 Par Value

The Sneed Corporation issues 10,000 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 $700,000 and a credit or credits to

A) Preferred Stock for $700,000.
B) Preferred stock for $500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $200,000.
C) Preferred Stock for $500,000 and Retained Earnings for $200,000.
D) Paid-in Capital from Preferred Stock for $700,000.