Five Hundred Shares of $25 Par Common Stock Were Exchanged

Five hundred shares of $25 par common stock were exchanged for a piece of equipment with a current market value of $13,500.The journal entry to record the transaction would include a:

A) debit to Equipment for $12,500.
B) debit to Common Stock for $12,500.
C) credit to Paid-In Capital in Excess of Par-Common for $1,000.
D) credit to Common Stock for $13,500.