A company issues 2,800,000 shares of $0.50 par value, cumulative preferred stock for $20,000,000. The stated dividend is $1 per share. Which journal entry is needed for the sale? www O A. debit Cash $20,000,000 and credit Retained Earnings $20,000,000 OB. debit Cash $20,000,000, credit Preferred Stock $1,400,000 and credit Paid - in Capital in Excess of Par-Preferred $18,600,000 OC. debit Cash $20,000,000 and credit Paid - in Capital in Excess of Par-Preferred $20,000,000 OD. debit Cash $20,000,000 and credit Preferred Stock $20,000,000

A. debit Cash $20,000,000 and credit Retained Eamings $20,000,000 8. debit Cash \$20,000,000, credit Prefered Stock $1,400,000 and cred C. dobit Cash $20,000,000 and credit Paid - in Capital h Excess of Par- D. debe Cash $20,000,000 and credit Preferred Stock $20,000,000