Sunland Company is authorized to issue $22700$ shares of $7\%,$$$100$ par value preferred stock and $1050000$ shares of no$-$par common stock with a stated value of $$1$ per share. If Sunland issues $11350$ shares of preferred stock for land with an asking price of $$1203000$ and a market value of $$1155000,$ which of the following would be the journal entry for Sunland to record?

Land

Preferred Stock

Land

Preferred Stock

Paid$-$in Capital in Excess of Par$-$Preferred

Land

Preferred Stock

Land

Preferred Stock

Paid$-$in Capital in Excess of Par$-$Preferred

$1155000$

$1155000$

$1203000$

$1135000$

$68000$

$1135000$

$1135000$

$1155000$

$1135000$

$20000$