Crane Company is authorized to issue 8000 shares of 7%, $100 par value preferred stock and 450000 shares of no-par common stock with a stated value of $1 per share. If Crane issues 4000 shares of preferred stock for land with an asking price of $565000 and a market value of $540000, which of the following would be the journal entry for Crane to record? 400000 400000 Land Preferred Stock Land Preferred Stock 540000 540000 O Land 540000 Preferred Stock Paid-in Capital in Excess of Par-Preferred 400000 140000 565000 Land Preferred Stock Paid-in Capital in Excess of Par-Preferred 400000 165000