Paltrowski Company Issued 1 Million Shares of No-Par Common Stock

Paltrowski Company issued 1 million shares of no-par common stock with a stated value of $2. The issue price was $54 per share. Which journal entry is prepared?

A) debit Cash $54 million and credit Common Stock $54 million
B) debit Cash $54 million, credit Common Stock $2 million and credit Paid-in Capital in Excess of Par-Common $52 million
C) debit Cash $54 million, credit Common Stock $2 million and credit Paid-in Capital in Excess of Stated Value-Common $52 million
D) debit Cash $54 million and credit Retained Earnings $54 million