On January 1, 2018, TNT, Inc. issued 1,500 shares of $90 par value, convertible preferred shares for $180,000. Each preferred share is convertible into one share of $10 par common stock. What is the necessary journal entry to record this transaction? 135,000 O A. Cash Preferred Stock--Convertible 135,000 180,000 B. Cash Preferred Stock-Convertible 180,000 180,000 OC Cash Preferred Stock ---S90 Par Addi. Paid - in Capital in Excess of Par-Preferred 15,000 165,000 180,000 OD. Cash Convertible Preferred Stock --S90 Par Addl. Paid - in Capital in Excess of Par-Preferred 135,000 45,000 $ Click to select your answer show work