capital structure and finance costs

Hi, John.

A company made an issue for cash of 1,000,000 50c shares at a premium of 30c per share. Which one of the following journal entries correctly records the issue?

The answer is,
B.
Debit
Credit
$
$
Bank
800,000
Share capital
500,000
Share premium
300,000

But my answer is that Dr. bank $1,600,000, Cr Share capital $1,000,000 Share Premium $ 600,000(=30c * 20,000 shares)

I got number of shares = 1,000,000/50c = 20,000 shares.

Which part did I understand wrong?