A corporation issued 5,800 shares of $10 par value common stock in exchange for some land with a market value of $86,000. The entry to record this exchange is:

Multiple Choice

• Debit Common Stock $86,000; credit Land $86,000.

• Debit Land $86,000; credit Common Stock $86,000.

• Debit Land $86,000; credit Common Stock $58,000; credit Paid-In Capital in Excess of Par Value, Common Stock $28,000.

• Debit Land $58,000; credit Common Stock $58,000.

• Debit Common Stock $58,000; debit Paid-In Capital in Excess of Par Value, Common Stock $28,000; credit Land $86,000.