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 O O O A. debit Cash $15,000,000 and credit Preferred Stock $15,000,000 B. debit Cash $15,000,000, credit Preferred Stock $500,000 and credit Paid - in Capital in Excess of Par-Preferred $14,500,000 C. debit Cash $15,000,000 and credit Paid - in Capital in Excess of Par-Preferred $15,000,000 D. debit Cash $15,000,000 and credit Retained Earnings $15,000,000