A Corporation Issued 5,000 Shares of $10 Par Value Common

Multiple Choice

A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000.The entry to record this exchange is:

A) Debit Land $70,000;credit Common Stock $50,000;credit Paid-In Capital in Excess of Par Value,Common Stock $20,000.
B) Debit Land $70,000;credit Common Stock $70,000.
C) Debit Land $50,000;credit Common Stock $50,000.
D) Debit Common Stock $50,000;debit Paid-In Capital in Excess of Par Value,Common Stock $20,000;credit Land $70,000.
E) Debit Common Stock $70,000;credit Land $70,000.