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21. Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred...

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21. Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Retro issues 7,000 shares of preferred stock for land with an asking price of $875,000 and a market value of $770,000, which of the following would be the best journal entry for Retro to record? 700,000 a. Land 700,000 Preferred Stock 770,000 b. Land 770,000 Preferred Stock 875,000 c. Land Preferred Stock Paid-in Capital in Excess of Par - Preferred 700,000 175,000 770,000 d. Land Preferred Stock Paid-in Capital in Excess of Par - Preferred 700,000 70,000

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