Cheverine Corp. Is authorized to issue 11000 shares of 8%,5100 par value preferred stock and 470000 shares of no-par common stock with astated value of $1 per share. If Cheyenne is5ues 5000 shares of preferred stock for iand with an asking price of 5575000 and a market value of $600000, Which of the following would be the best journal entry for Cheyenne to record? Land 500000 Preferred Land Preferred Stock Land Preferred Stock Land Preferred Stock Paid-in Capital in Excess of Par- Preferred 500000 500000 .600000 600000 575000 500000 75000