SwiftyCompany is authorized to issue 9000 shares of 7%, $100 par value preferred stock and 479000 shares of no-par common stock with a stated value of $1 per share. If Swifty issues 4500 shares of preferred stock for land with an asking price of $566000 and a market value of $547000, which of the following would be the journal entry for Swifty to record?
(a) Land 571000
Preferred Stock 450000
Paid-in Capital in Excess of Par-Preferred 121000
(b) Land 547000
Preferred Stock 450000
Paid-in Capital in Excess of Par-Preferred 97000
(c) Land 450000
Preferred Stock 450000
(d) Land 547000
Preferred Stock 547000
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SwiftyCompany is authorized to issue 9000 shares of 7%, $100 par value preferred stock and 479000 sh...
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