On December 2, 2015, Ewell Company Purchases a Piece of Land

On December 2, 2015, Ewell Company purchases a piece of land from the original owner. In payment for the land, Ewell Company issues 8,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $400,000. Which of the following is included in the journal entry to record this transaction?

A) debit Common Stock-$1 Par Value for $8,000 and debit Paid-In Capital in Excess of Par-Common $392,000.
B) credit Common Stock-$1 Par Value for $8,000 and credit Paid-In Capital in Excess of Par-Common $392,000.
C) credit Common Stock-$1 Par Value for $400,000.
D) debit Cash $400,000.