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 $15. The fair market value of land is 88,000. The journal entry is a. Dr. Land 88,000, Cr. Common Stocks 72,000 and Cr. Paid-in Capital 16,000 b. Dr. Land 90,000, Cr. Common Stocks 72,000 and Cr. Paid-in Capital 18,000 c. Dr. Land 90,000 and Cr. Common Stocks 90,000 d. Dr. Land 90,000, Cr. Common Stocks 78,000 and Cr. Paid-in Capital 12,000