Oriole Company is authorized to issue 10000 shares of 8%, $100 par value preferred stock and 580000 shares of no-par common stock with a stated value of $1 per share. If Oriole issues 7000 shares of preferred stock for land with an asking price of $980000 and a market value of $735000, which of the following would be the best journal entry for Oriole to record? 980000 Land Preferred Stock Paid-in Capital in Excess of Par- Preferred 700000 280000 735000 700000 Land Preferred Stock Paid-in Capital in Excess of Par Preferred 35000 Land 700000 Preferred Stock 700000 Land 735000 Preferred Stock 735000