Innovative Media issues 1,000 shares of 8%, $50 par value preferred stock for $60 per share. Which of the following will be recorded at the time of the issue? a. A credit to additional paid-in capital for $10,000. b. A debit to cash for $50,000. c. A credit to preferred stock for $10,000. d. A creaser to preferred stock for $60,000.
