Answer:
it credited to preferred stock
Explanation:
The journal entry for issuance of the preferred stock is as follows:
Cash Dr $1,452,000
To Preferred stock (22,000 shares × $66) $1,452,000
(Being the issuance of the preferred stock is recorded)
Here the cash is debited as it increased the assets and credited the preferred stock as it increased the stockholder equity
Therefore it credited to preferred stock
