1,000 shares of $30 par common stock was exchanged for a piece of land with a fair market value of $30,000. The journal entry to record the transaction would include a:
A) credit to Land for $30,000.
B) credit to Common Stock for $15,000.
C) credit to Paid-In Capital in Excess of Par Value-Common for $15,000.
D) debit to Land for $30,000.
Correct Answer:
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