Swifty Corporation issues 51000 shares of $50 par value preferred stock for cash at $65 per share. The entry to record the transaction will consist of a debit to Cash for $3315000 and a credit or credits to

Swifty Corporation issues 51000 shares of $50 par value preferred stock for cash at $65 per share. The entry to record the transaction will consist of a debit to Cash for $3315000 and a credit or credits to

Preferred Stock for $3315000.

Preferred Stock for $2550000 and Retained Earnings for $765000.

Preferred Stock for $2550000 and Paid-in Capital in Excess of Par Value—Preferred Stock for $765000.

Paid-in Capital from Preferred Stock for $3315000.