A corporation issued 6,900 shares of $10 par value common stock in exchange for some land with a market value of $108,000. The entry to record this exchange is:

Debit Common Stock $69,000; debit Paid-In Capital in Excess of Par Value, Common Stock $39,000; credit Land $108,000.

Debit Land $108,000; credit Common Stock $69,000; credit Paid-In Capital in Excess of Par Value, Common Stock $39,000.

Debit Land $69,000; credit Common Stock $69,000.

Debit Common Stock $108,000; credit Land $108,000.

Debit Land $108,000; credit Common Stock $108,000.