Metlock, Inc. is authorized to issue 12000 shares of 9%, $100 par value preferred stock and 480000 shares of no-par common stock with a stated value of $1 per share. If Metlock issues 5500 shares of preferred stock for land with an asking price of $687500 and a market value of $632500, which of the following would be the best journal entry for Metlock to record?

Land		550000
	Preferred Stock		550000

Land		632500
	Preferred Stock		632500

Land		687500
	Preferred Stock		550000
	Paid-in Capital in Excess of Par - Preferred		137500

Land		632500
	Preferred Stock		550000
	Paid-in Capital in Excess of Par - Preferred		82500