Business, 19.05.2020 22:21 sahramusa035

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.

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A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a mar...