Question 12 of 18 - 76 Sheffield Company is authorized to issue 10000 shares of 7%, $100 par value preferred stock and 450000 shares of no-par common stock with a stated value of $1 per share. If Sheffield issues 5000 shares of preferred stock for land with an asking price of $576000 and a market value of $545000, which of the following would be the journal entry for Sheffield to record? 545000 Land Preferred Stock Paid-in Capital in Excess of Par- Preferred 500000 45000 500000 Land Preferred Stock 500000 576000 Land Preferred Stock Paid-in Capital in Excess of Par- Preferred 500000 76000 545000 Land Preferred Stock 545000 Attemateade