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April, Inc. issued 8,000 shares of preferred stock for $480,000. The stock has a par...

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April, Inc. issued 8,000 shares of preferred stock for $480,000. The stock has a par value of $60 per share. The journal entry to record this transaction would A. debit Cash $480,000 and credit Preferred Stock- $60 Par Value $480,000 B. credit Cash $480,000 and debit Preferred Stock- $60 Par Value $480,000 C. credit Cash $480,000, debit Preferred Stock - $60 Par Value $8,000; and debit Paid In Capital in Excess of Par-lireferred $472,000 D. debit Cash $480,000, credit Preferred Stock- $60 Par Value $8,000, and credit Paid - In Capital in Excess of Par-Preferred $472000

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