Use the information above to answer the following question.The journal 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 $20,000 and Additional Paid-In Capital for $580,000.
C)Preferred Stock for $20,000 and Retained Earnings for $580,000.
D)Retained Earnings for $600,000.

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The Answer of Use the information above to answer the following question.The journal 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 $20,000 and Additional Paid-In Capital for $580,000.
C)Preferred Stock for $20,000 and Retained Earnings for $580,000.
D)Retained Earnings for $600,000.

Use the Information Above to Answer the Following Question