a Land b Land c. Land Preferred Stock Preferred Stock Preferred Stock 500,000 540,000 600,000 500,000 540,000 500,000 Paid-in Capital in Excess of Par-Preferred 100,000 d Land 540,000 Preferred Stock 500,000 Paid-in Capital Excess of Par-Preferred 40,000 Ranier Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Ranier issues 5,000 shares of preferred stock for land with an asking price of $600,000 and a market value of $540,000, which of the following would be the journal entry for Ranier to record