A corporation issued 5,700 shares of $10 par value common stock in exchange for some land with a market value of $84,000. The entry to record this exchange is:

Multiple Choice

Debit Land $84,000; credit Common Stock $57,000; credit Paid-In Capital in Excess of Par Value, Common Stock $27,000.

Debit Land $84,000; credit Common Stock $84,000.

Debit Land $57,000; credit Common Stock $57,000.

Debit Common Stock $57,000; debit Paid-In Capital in Excess of Par Value, Common Stock $27,000; credit Land $84,000.

Debit Common Stock $84,000; credit Land $84,000.