X borrowed $700,000 at face value on October 1, 2020 and is required to pay $718,000 on April 1, 2021. What amount is the note payable recorded at on October 1, 2020 and how much interest is recognized from October 1 to December 31, 2020? a $700,000 and $12,000 b. $720,000 and $0 Oc $700,000 and $9,000 O d. $700,000 and $0 X Company purchased land from Y Company in exchange of common stocks. X issued 6000 shares of common stocks to Y. The par value per share is $13 and the fair market value is unknown. The fair market value of land is 88,000. The journal entry is O a Dr. Land 90,000. Cr. Common Stocks 78,000 and Cr. Paid-in Capital 12,000 Ob Dr. Land 90,000 and Cr. Common Stocks 90,000 Oc. Dr. Land 88,000, Cr. Common Stocks 78,000 and Cr. Paid-in Capital 10,000 Od Dr. Land 90,000. Cr. Common Stocks 72.000 and Cr. Paid-in Capital 18.000