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Question
A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $60,000. The entry to record this exchange is:
A.
| Land | 60,000 | |
| Common Stock | 50,000 | |
| Paid-In Capital in Excess of Par Value, Common Stock | 10,000 |
B.
| Land | 60,000 | |
| Common Stock | 60,000 |
C.
| Land | 50,000 | |
| Common Stock | 50,000 |
D.
| Common Stock | 50,000 | |
| Paid-In Capital in Excess of Par Value, .Common Stock | 10,000 | |
| Land | 60,000 |
E.
| Common Stock | 60,000 | |
| Land | 60,000 |
Answer
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