Blue Enterprises purchased land by issuing 11,600 shares of its $15 par value common stock which is currently trading at $20 per share, and the appraised value of the land is $266,000. Which of the following statements correctly describes the recording of the land?

• Record the land at the par value of the stock given up, $174,000.

• Record the land at the $232,000 value of the consideration given up.

• Record the land at its appraised value of $266,000 and recognize a gain of $34,000 since the issued stock is currently worth $232,000.

• Record the land at the average of its appraised value of $266,000 and the $232,000 value of the stock issued, thereby recognizing a $34,000 gain.