A corporation issued 5300 shares of $10 par value common stock in exchange for some land with a market value of $76,000. The entry to record this exchange is:
A. Debit Land $76,000; credit Common Stock $76,000.
B. Debit Common Stock $53,000; debit Paid-In Capital in Excess of Par Value, Common Stock $23,000; credit Land $76,000.
C. Debit Common Stock $76,000; credit Land $76,000.
D. Debit Land $76,000; credit Common Stock $53,000; credit Paid-In Capital in Excess of Par Value, Common Stock $23,000.
E. Debit Land $53,000; credit Common Stock $53,000.
Answer: D
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