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Oriole Company issues 68000 shares of $50 par value preferred stock for cash at $70 per...

Oriole Company issues 68000 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $4760000 and a credit or credits to

Preferred Stock for $3400000 and Paid-in Capital in Excess of Par Value—Preferred Stock for $1360000.

Preferred Stock for $3400000 and Retained Earnings for $1360000.

Paid-in Capital from Preferred Stock for $4760000.

Preferred Stock for $4760000.
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