The Snow Corporation issues 10,000 shares for $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 $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 $500,000 and retained earnings for $100,000
d. paid in capital from preferred stock for $600,000