The Ice Corporation issues 30,000 shares of $50 par value preferred stock for cash at $60 per share.

The entry to record the transaction will consist of a debit to Cash for $1,800,000 and a credit or credits to:

a. Preferred Stock for $1,800,000.

b. Preferred Stock for $1,500,000 and Paid-in Capital in Excess of Par Value-Preferred Stock for $300,000.

c. Preferred Stock for $1,500,000 and Retained Earnings for $300,000.

d. Paid-in Capital from Preferred Stock for $1,800,000.