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A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000. The entry to

A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000. The entry to record this exchange is:

Land account debit 70000
Common stock account credit 50000
Paid in capital account credit 20000

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