On January 1, 2020, Philbin Corp. issued 4,500 of its 400,000, $1 par, common shares in exchange for land. Philbins common stock shares are frequently and widely traded on a public exchange. On January 1, the common shares were trading for $35 per share. However, a recent appraisal indicates that the land is valued at $155,000.

Upon issuance of the common stock, Philbin would record a credit to Paid-in Capital in Excess of ParCommon Stock for:

Group of answer choices

A) $155,000

B) $157,500

C) $153,000

D) $150,500