Museum Corporation Acquired a New Manufacturing Building by Issuing 10,000

Museum Corporation acquired a new manufacturing building by issuing 10,000 shares of its $50 par value preferred stock with a $75 per share market price.Similar buildings have recently cost $780,000.What are the effects of this transaction on the accounting equation for Museum?

A) Building and Preferred Stock increase $780,000.
B) Building and Preferred Stock increase $500,000.
C) Building increases $780,000; Preferred Stock increases $500,000; Additional Paid-in Capital-Preferred increases $280,000.
D) Building increases $750,000; Preferred Stock increases $500,000; Additional Paid-in Capital-Preferred increases $250,000.