Question 7 1 pts Ranier Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Ranier issues 5,000 shares of preferred stock for land with an asking price of $575,000 and a market value of $550,000, which of the following would be the journal entry for Ranier to record? 1. Land 500,000 Preferred Stock 500,000 2. Land 550,000 Preferred Stock 550,000 3. Land 575,000 Preferred Stock 500,000 Paid-in Capital in Excess of Par-Preferred 75,000 4. Land 550,000 Preferred Stock 500,000 50,000 Paid-in Capital Excess of Par-Preferred 3. Land 575,000 Preferred Stock 500,000 Paid-in Capital in Excess of Par-Preferred 75,000 4. Land 550,000 Preferred Stock 500,000 Paid-in Capital Excess of Par-Preferred 50,000 Question 8 1 pts When preferred stock is cumulative, preferred dividends not declared in a period are O considered a liability. called dividends in arrears distributions of earnings never paid Question 9 1 pts Treasury Stock is a(n) O asset account contra stockholders' equity account contra asset account O retained earnings account