Cole corporation issuse 10,000 shares of $50 pare value prefeered stock for cash at $60 per share. The entry to record the transaction will consist of adebit to cash for $600,000 and a credit or credits to ?

a) preferred stock for $600,000

b) preferred stock for $500,000 and paid-in capital in excess of par value - preferred stock for $100,000

c) preferred stock for $750,000 and paid -in capital from preferred stock for $100,000

d) paid-in capital from preferred stock for $600,000