Wildhorse Appliance Company is authorized to issue 14000 shares of 6%,$100 par value preferred stock and 560000 shares of nopar common stock with a stated value of $1 per share. If the company issues 6000 shares of preferred stock for land with an asking price of $750000 and a market value of $690000, which of the following journal entries should Wildhorse record? Land Preferred Stock Land 600000 600000 690000 Preferred Stock 690000