Marigold Company is authorized to issue $24000$ shares of $9\%,$$$100$ par value preferred stock and $1000000$ shares of no$-$par common stock with a stated value of $$1$ per share. If Marigold issues $12000$ shares of preferred stock for land with an asking price of $$1237000$ and a market value of $$1220000.$ which of the following would be the journal entry for Marigold to record?

Land

Preferred Stock

$1200000$

Land $1237000$

Preferred Stock

Paid$-$in Capital in Excess of Par$-$Preferred

$1200000$

$37000$

Land

$1220000$

Preferred Stock

$1220000$

Land

$1220000$

Preferred Stock

$1200000$

Paid$-$in Capital in Excess of Par$-$Preferred $20000$