Active Corporation is authorized to issue 2,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 10 par value preferred Stock. During 2019, the company has the following stock transactions.

Entry 1 Issued 620,000 common shares of stock at $2 cash per share.

Entry 2 Issued 25,000 preferred shares to purchase a land advertised for sale at $ 320,000. On this day, the preferred stock had a market price of $ 12 per share.

Entry 3 Purchased 60,000 of its common shares from the market for the treasury, when the market price per common share was $ 3.

Entry 4 Sold 20,000 shares of its treasury stock for $ 5 per share.

Question: In entry 2, Land will be debited for...............

NOTE: (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $10,000, write it as 10000)