A Corporation Issued 6,000 Shares of Its $2 Par Value

Multiple Choice

A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000.The entry to record this transaction would include:

A) A debit to Common Stock for $12,000.
B) A debit to Land for $12,000.
C) A credit to Land for $12,000.
D) A credit to Paid-in Capital in Excess of Par Value,Common Stock for $72,000.
E) A credit to Common Stock for $84,000.