On January 1, 2018, TNT, Inc. issued 1,700 shares of $90 par value, convertible preferred shares for $200,000. Each preferred share is convertible into one share of 520 par common stock. What is the necessary journal entry to record this transaction? 200.000 O A. Cash Preferred Stock-$90 Par Addl. Paid - in Capital in Excess of Par-Preferred 34,000 166,000 200.000 O B. Cash Convertible Preferred Stock-$90 Par Addl. Paid - in Capital in Excess of Par-Preferred 153,000 47 000 153,000 OC. Cash Preferred Stock Convertible 153.000 200,000 OD. Cash Preferred Stock Convertible 200,000