A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include:

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The corporation issued 6,000 shares with a par value of $2 each, totaling $12,000 (6,000 shares x $2). The land is valued at $84,000, so the excess over par value is $72,000 ($84,000 - $12,000), which is credited to Paid-in Capital in Excess of Par Value, Common Stock.

A Corporation Issued 6,000 Shares of Its $2 Par Value