Taylor Corporation Issues 20000 Shares of $50 Par Value Preferred

Taylor Corporation issues 20000 shares of $50 par value preferred stock for cash at $90 per share. The entry to record the transaction will consist of a debit to Cash for $1800000 and a credit or credits to

A) Preferred Stock for $1800000.
B) Preferred Stock for $1000000 and Paid-in Capital in Excess of Par-Preferred Stock for $800000.
C) Preferred Stock for $800000 and Paid-in Capital from Preferred Stock for $1000000.
D) Paid-in Capital from Preferred Stock for $1800000.