Current Attempt in Progress Bonita Company is authorized to issue 10000 shares of 7%. $100 par value preferred stock and 455000 shares of no-par common stock with a stated value of 51 per share. If Bonita issues 5000 shares of preferred stock for land with an asking price of $584000 and a market value of $542000, which of the following would be the journal entry for Bonita to record? Land 500000 500000 Preferred Stock Land 584000 Preferred Stock 500000 84000 Paid in Capital in Excess of Par- Preferred Land 542000 Preferred Stock 542000 Land 542000 500000 Preferred Stock Pald-in Capital in Excess of Par Preferred 42000