Oriole Company is authorized to issue 23200 shares of 9%, $100 par value preferred stock and 1020000 shares of no-par common stock with a stated value of $1 per share. If Oriole issues 11600 shares of preferred stock for land with an asking price of $1259000 and a market value of $1216000, which of the following would be the journal entry for Oriole to record? Land Preferred Stock 1160000 1160000 Land 1216000 Preferred Stock 1216000 Land 1216000 Preferred Stock 1160000 Land Preferred Stock Paid-in Capital in Excess of Par-Preferred 0 Land Preferred Stock Paid-in Capital in Excess of Par-Preferred 1216000 1160000 56000 1259000 1160000 99000