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

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) $\begin{array}{|c|c|c|}\hline \text { Land } & 60,000 & \\\hline \text { Common Stock } & & 50,000 \\\hline \begin{array}{c}\text { Paid-In Capital in Excess of Par Value, } \\\text { Common Stock }\end{array} & & 10,000 \\\hline\end{array}$
B) $\begin{array}{|c|c|c|}\hline \text { Land } & 60,000 & \\\hline \text { Common Stock } & & 60,000 \\\hline\end{array}$
C) $\begin{array}{|c|c|c|}\hline \text { Land } & 50,000 & \\\hline \text { Common Stock } & & 50,000 \\\hline\end{array}$
D) $\begin{array}{|l|l|l|}\hline \text { Common Stock } & 50,000 & \\\hline \begin{array}{l}\text { Paid-In Capital in Excess of Par Value, } \\\text { Common Stock }\end{array} & 10,000 & \\\hline \text { Land } & & 60,000 \\\hline\end{array}$
E) $\begin{array}{|c|c|c|}\hline \text { Common Stock } & 60,000 & \\\hline \text { Land } & & 60,000 \\\hline\end{array}$