Sheridan Company is authorized to issue 10000 shares of 10000%, $100 par value preferred stock and 458000 shares of no-par common stock with a stated value of $1 per share. If Sheridan issues 5000 shares of preferred stock for land with an asking price of $569000 and a market value of $542000, which of the following would be the journal entry for Sheridan to record? 0 Land 569000 Preferred Stock Paid-in Capital in Excess of Par- Preferred 500000 69000 542000 500000 Land Preferred Stock Paid-in Capital in Excess of Par- Preferred 42000 Land 500000 Preferred Stock 500000 542000 Land Preferred Stock 542000