In its first year of operations, Wiley Ltd. had the following transactions relating to its common shares: Jan 1 Issued 5,000 shares for cash at $45 per share. Jul 1 Issued 3,000 shares for cash at $43 per share. Dec 1 Issued 6,000 shares for the acquisition of land. The land has a fair value of $180,000 and the shares are currently trading at $46 each. If Wiley Ltd is preparing statements in accordance with International Financial Reporting Standards (IFRS), the sum of the entries for the first year would be: | Total debit to assets of $534,000, total credit to common shares of $534,000 Total debit to assets of $514,000, total credit to common shares of $514,000 Total credit to assets of $530,000, total debit to common shares of $530,000 Total credit to assets of $514,000, total debit to common shares of $514,000 None of the above