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?

		Land: 500,000 Preferred Stock: 500,000
		Land: 550,000 Preferred Stock: 550,000
		Land: 575,000 Preferred Stock: 500,000 Paid-in Capital in Excess of Par-Preferred: 75,000
		Land: 550,000 Preferred Stock: 500,000 Paid-in Capital Excess of Par-Preferred: 50,000