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A company has common stock with a $10 par value and fair market value of $15. The company exchanges 1,000 share of this common stock

A company has common stock with a $10 par value and fair market value of $15. The company exchanges 1,000 share of this common stock for an acre of land.

I. The land will be debited for $10,000.

II. Common stock account will be credited for $10,000 and no additional paid-in capital will be recorded.

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