A Company Issues 1,000,000 Shares of $0

A company issues 1,000,000 shares of $0.90 par value,cumulative preferred stock for $16,000,000.The stated dividend is $1 per share.Which journal entry is needed for the sale?

A) debit Cash $16,000,000 and credit Preferred Stock $16,000,000
B) debit Cash $16,000,000,credit Preferred Stock $1,300,000 and credit Paid-in Capital in Excess of Par-Preferred $14,700,000
C) debit Cash $16,000,000 and credit Paid-in Capital in Excess of Par-Preferred $16,000,000
D) debit Cash $16,000,000 and credit Retained Earnings $16,000,000