Rhinecliff Corporation issued 8,000 shares of its $1 par value common stock in change for land that had a fair market value of $50,000. Prepare in journal form the entries necessary to record the issuance of the stock for the land under each of these conditions: (1) The stock was selling for $7 per share on the day of the transaction, (2) management attempted to place a value on the common stock but could not do so. SE-9