A corporation issued 5,400 shares of $10 par value common stock in exchange for some land with a market value of $78,000. the entry to record this exchange is:

To record this transaction, the journal entry is

Debit:

Land $78000

Credit

Common Stock $54,000

Paid in Capital in Excess Par Value Common Stock $24,000

The paid in capital means that is the excess received from the shareholders over the par value (or the stated value) of the stocks issued.