please explain properly Sneed Corporation issues 11,600 shares of$45 par preferred stock for cash at $67 pershare. The journal entry for the transactionwill consist of a debit to Cash for $777,200and a credit or credits toOa. Preferred Stock for $522,000 and Paid-InCapital in Excess of Par-Preferred Stockfor $255,200.b. Preferred Stock for $522,000 and RetainedEarnings for $255,200.Oc. Preferred Stock for $777,200.Od. Paid-In Capital from Preferred Stock for$777,200.

Total par value of preferred stock issued = No. of shares issued x par value per share = 11,600…

Sneed Corporation issues 11,600 shares of $45 par preferred stock for cash at $67 per share. The journal entry for the transaction will consist of a debit to Cash for $777,200 and a credit or credits to a. Preferred Stock for $522,000 and Paid-In Capital in Excess of Par-Preferred Stock for $255,200. b. Preferred Stock for $522,000 and Retained Earnings for $255,200. Oc. Preferred Stock for $777,200. Od. Paid-In Capital from Preferred Stock for $777,200.