ABC Inc. is a publicly traded company and has issued 10,000 common shares in exchange for a parcel of land on January 2. The shares were trading at $4 per share, and the land was valued at $50,000 on the date of the acquisition. Identify the journal entry to record the issue of 10,000 common shares in exchange for land. Land Common Shares Land Common Shares 40,000 50,000 40,000 50,000

ABC Inc is a publicly traded company and has issued 10,000 common shares in exchange for a parcel of land on January 2 . The shares were trading at $4 per share, and the land was valued at $50,000 on the date of the acquisition. Identify the journal entry to record the issue of 10,000 common shares in exchange for land. \begin{tabular}{|c|c|c|} \hline Land & 40,000 & \\ \hline Commonshares & & 40.000 \\ \hline Land & 50,000 & \\ \hline Common Shares & & 50,000 \\ \hline \end{tabular} Land Common Shares Land Common Shares None of these are correct. eTextbook and Media