Swifty Company is authorized to issue 10000 shares of 8%, $100 par value preferred stock and 526000 shares of no-par common stock with a stated value of $1 per share. If Swifty issues 5000 shares of preferred stock for land with an asking price of $580000 and a market value of $547000, which of the following would be the journal entry for Swifty to record?

Question 19 Swifty Company is authorized to issue 10000 shares of 8%, $100 par value preferred stock and 526000 shares of no-par common stock with a stated value of $1 per share. If Swifty issues 5000 shares of preferred stock for land with an asking price of $580000 and a market value of $547000, which of the following would be the journal entry for Swifty to record? 547000 Land Preferred Stock 547000 580000 500000 80000 547000 Land Preferred Stock Paid-in Capital in Excess of Par-Preferred Land Preferred Stock Paid-in Capital in Excess of Par-Preferred Land Preferred Stock 500000 47000 500000 500000