adaptive waeypus corn WilleyPLUS ORION Accounting, 6e Practice- 11.2: Explain how to account for the issuance of co.. 11.40: Felix Incorporated has just exchanged 1,250 shares of $65 par-value preferred stock for a parcel of land advertised for a price of $90,000. If the current market value of the stock is $75 per share, how should Felix journalize this transaction? A Land -Preferred Stock Credit of $12,500 Debit of $93,750: Preferred Stock Credit of $81,250; Paid-in Capital in Excess of Par B Land - Debit of $81,250; Paid-in Capital in Excess of Par-Preferred Stock Debit of $12,500; CPreferred Stock- Debit of $81,250: Paid-in Capital in Excess of Par -Preferred Stock - Debit D Preferred Stock Debit of $93,750; Paid-in Capital in Excess of Par-Preferred Stock Credit Preferred Stock Credit of $93,750 of $12,500; Land Credit of $93,750 of $12,500; Land = Credit of $81,250 St SUBMIT Confidence