A corporation issued 6,200 shares of $10 par value common stock in exchange for some land with a market value of $94,000. The entry to record this exchange is:

OPTIONS:

1. Debit Land $62,000; credit Common Stock $62,000

2. Debit Common Stock $62,000; debit Paid-In Capital in Excess of Par Value, Common Stock $32,000; credit Land $94,000

3. Debit Land $94,000; credit Common Stock $62,000; credit Paid-In Capital in Excess of Par Value, Common Stock $32,000

4. Debit Land $94,000; credit Common Stock $94,000

5. Debit Common Stock $94,000; credit Land $94,000