BrambleCompany is authorized to issue 9,000 shares of 8%, $100 par value preferred stock and 463,000 shares of no-par common stock with a stated value of $1 per share. If Bramble issues 4,500 shares of preferred stock for a building with an asking price of $587,000 and a market value of $544,000, prepare the journal entry to record the acquisition of the building on August 25, 2020.