Vadilla's Music Store acquired land and an old building in exchange for 50,000 shares of its common stock, par $.50 and cash of $80,000. The auditor ascertains that the company's stock was selling for $15 per share when the purchase was made. The following additional costs were incurred to complete this transaction: Legal cost to complete transaction........$10,000 Property tax for previous year ......... 30,000

Cost of building demolition..........21,000 Salvage value of demolished building ........ 21,000

What entry should be made to record the acquisition of the property?