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13. On December 15, 19x5, FLM Corporation exchanged 2,000 shares of $10 par value common stock for land. The current market price of the stock was $20 per share. The value of the land was not readily determinable. Which of the following entries should be made to record the issuance of the stock? A) Land 20,000 Common Stock 20,000 B) Land 40,000 Common Stock 40,000 C) Land 40,000 Common Stock 20,000 Paid-in Capital in Excess of Par Value 20,000 D) Cannot be determined. 14. Which of the following is the best definition of retained earnings? A) Accumulated earnings of the corporation since the date of incorporation minus any losses and minus all dividends declared B) Stockholders' equity minus capital stock C) Net assets minus capital stock and all dividends paid since date of incorporation D) Extraordinary gains minus extraordinary losses plus income from operations since date of incorporation