Victor Cruz Contributed $70,000 in Cash and Land Worth $130,000

Multiple Choice

Victor Cruz contributed $70,000 in cash and land worth $130,000 to open a new business,VC Consulting,in exchange for common stock.Which of the following general journal entries will VC Consulting make to record this transaction?

A) Debit Accounts Payable $200,000; Credit Common Stock,$200,000.
B) Credit Cash and Land,$200,000; Credit Common Stock,$200,000.
C) Debit Cash $70,000; Debit Land $130,000; Credit Common Stock,$200,000.
D) Debit Common Stock,$200,000; Credit Cash $70,000,Credit Land,$130,000.
E) Debit Common Stock,$200,000; Credit Assets,$200,000.