On July 1, 2021, Sunland Company issued for $9450000 a total of 90000 shares of $100 par value, 8% noncumulative preferred stock along with one detachable warrant for each share issued. Each warrant contains a right to purchase one share of Sunland $10 par value common stock for $15 per share. The stock without the warrants would normally sell for $9216000. The market price of the rights on July 1, 2021, was $2.40 per right. On October 31, 2021, when the market price of the common stock was $20 per share and the market value of the rights was $3.10 per right, 36000 rights were exercised. As a result of the exercise of the 36000 rights and the issuance of the related common stock, what journal entry would Sunland make?

Cash	540000
Common Stock		360000
Paid-in Capital in Excess of Par		180000

Cash	540000
Paid-in CapitalStock Warrants	216000
Common Stock		360000
Paid-in Capital in Excess of Par		396000

Cash	540000
Paid-in CapitalStock Warrants	133200
Common Stock		360000
Paid-in Capital in Excess of Par		313200

Cash	540000
Paid-in CapitalStock Warrants	86400
Common Stock		360000
Paid-in Capital in Excess of Par		266400