The Snow Corporation issues 10,000 shares for $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $600,000 and a credit or credits to
1) preferred stock for $600,000
2) preferred stock for $500,000 and Paid-in capital in excess of Par Value-Preferred stock for $100,000
3) preferred stock for $500,000 and retained earnings for $100,000
4) paid in capital from preferred stock for $600,000