A company issues 1,000,000 shares of $0.90 par value, cumulative preferred stock for $16,000,000. The stated dividend is $1 per share. Which journal entry is needed for the sale? O debit Cash $16,000,000 and credit Preferred Stock $16,000,000 O debit Cash $16,000,000, credit Preferred Stock $1,300,000 and credit Paid-in Capital in Excess of Par- Preferred $14,700,000 O debit Cash $16,000,000 and credit Paid-in Capital in Excess of Par-Preferred $16,000,000 O debit Cash $16,000,000 and credit Retained Earnings $16,000,000