Crane Company is authorized to issue 23300 shares of 7%, $100 par value preferred stock and 1030000 shares of no-par common stock with a stated value of $1 per share. If Crane issues 11650 shares of preferred stock for land with an asking price of $1233000 and a market value of $1197000, which of the following would be the journal entry for Crane to record? Land Preferred Stock Paid-in Capital in Excess of Par-Preferred Land Preferred Stock Paid-in Capital in Excess of Par-Preferred Land Preferred Stock 1233000 1165000 68000 1197000 1165000 32000 1165000 1165000 Land 1197000 Preferred Stock 1197000