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? 
Definitions:
Company Expansion
The process of a company increasing its size, operations, or market presence, often through investment, acquisitions, or increasing its customer base.
Compounded Monthly
The process of calculating interest on both the initial principal and the accumulated interest of previous periods on a monthly basis.
Semi-Annually
A term referring to an event or action that occurs twice a year.
Quarterly
Occurring every three months or four times a year, often referring to financial reporting or dividend payments.
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