A company issues 1,000,000 shares of $0.90 par value, cumulative preferred stock for $15,000,000. The stated dividend is $1 per share. Which journal entry is needed for the sale? ..... O A. debit Cash...

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Extracted text: A company issues 1,000,000 shares of $0.90 par value, cumulative preferred stock for $15,000,000. The stated dividend is $1 per share. Which journal entry is needed for the sale? ..... O A. debit Cash $15,000,000 and credit Paid - in Capital in Excess of Par-Preferred $15,000,000 O B. debit Cash $15,000,000, credit Preferred Stock $1,400,000 and credit Paid - in Capital in Excess of Par-Preferred $13,600,000 OC. debit Cash $15,000,000 and credit Retained Earnings $15,000,000 O D. debit Cash $15,000,000 and credit Preferred Stock $15,000,000 MacBook Air esc 80 888 F1 F2 F3 F4 FS F6 F7 F8 F9 F10 @ %23