A company acquires a building in exchange for 12,000 shares of $1 part value common stock. The stock is actively traded. On the day of the exchange, the stocks trading price is $50 per share. Which journal entries should the company record for the transaction

a. Debit buildings $12000 debit common stock $588000 credit b. Debit buildings $12000 debit paid in capital $588000 credit common stock $600000 c. Debit building $600000 credit common stock $12000 credit paid in capital $588000 d. Debit building $600000 credit common stock $600000