Sunland 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 Sunland issues 9000 shares of common stock to pay its recent attorneys bill of $38600 for legal services on a land access dispute, which of the following would be the journal entry for Sunland to record?

Organization Expense	38600
Common Stock		9000
Paid-in Capital in Excess of Par Preferred		29600

Organization Expense	38600
Common Stock		9000
Paid-in Capital in Excess of Stated Value Common		29600

Organization Expense	38600
Common Stock		38600

Organization Expense	9000
Common Stock		9000

Waterway Company has 1020 shares of 5%, $100 par cumulative preferred stock outstanding at December 31, 2018. No dividends have been paid on this stock for 2017 or 2018. Dividends in arrears at December 31, 2018 total

$5100.

$0.

$10200.

$500.

Oriole Company is authorized to issue 10000 shares of 7%, $100 par value preferred stock and 516000 shares of no-par common stock with a stated value of $1 per share. If Oriole issues 5000 shares of preferred stock for land with an asking price of $578000 and a market value of $541000, which of the following would be the journal entry for Oriole to record?

Land	541000
Preferred Stock		500000
Paid-in Capital in Excess of Par-Preferred		41000

Land	500000
Preferred Stock		500000

Land	578000
Preferred Stock		500000
Paid-in Capital in Excess of Par-Preferred		78000

Land	541000
Preferred Stock		541000