Tamarisk, Inc. is authorized to issue 12000 shares of 8%, $100 par value preferred stock and 540000 shares of no-par common stock with a stated value of $1 per share. If Tamarisk issues 5000 shares of preferred stock for land with an asking price of $675000 and a market value of $600000, which of the following would be the best journal entry for Tamarisk to record? Land 500000 Preferred Stock 500000 Land 600000 Preferred Stock 600000 Land 600000 Preferred Stock 500000 100000 Paid-in Capital in Excess of Par- Preferred Land 675000 Preferred Stock 500000 175000 Paid-in Capital in Excess of Par- Preferred