Arnold Corportions has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares…

Arnold Corportions has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock.  The corporation assigned a $5 stated value to the comon stock.  Preferred stock $240,000  Paid in capital in excess of par value- preferred 56,000, common stock 2,000,000, paid in capital in excess of stated value-common 5,700,000, treasury stock-common(1,000 shares) 22,000, paid in capital from treasury stock 3,000 retained earnings 560,000 How do you prepare journal entry for issuance of preferred stock for land