Swifty Corporation is authorized to issue 11000 shares of 9%, $100 par value preferred stock and 410000 shares of no-par common stock with a stated value of $i per share of Swity issues 5500 shares of preferred stock for land with an asking price of $660000 and a market value of $605000, which of the following would be the best journal entry for Swifty to record 605000 Land Preferred Stock 550000 55000 Paid-in Capital In Excess of Par- Preferred Land 660000 Preferred Stock 550000 110000 Pald-in Capital In Excess of Par- Preferred Land 605000 Preferred Stock 605000 Land 550000 Preferred Stock 550000 Save for Later Attempts of 1 used Submit Anmer Question 22 View Policies Current Attempt in Progress The board of directors of Nash's Trading Post, LLC declared a cash dividend of $1.00 per share on 30000 shares of common stock on July 15, 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The effects of the journal entry to record the payment of the dividend on August 15, 2020, are to Increase stockholders' equity and decrease assets. decrease stockholders' equity and decrease liabilities. Increase stockholders equity and increase liabilities. decrease liabilities and decrease assets. Save for Later Attempts: 0 of 1 used Submit