On January 1, 2012, Georgi Company Was Authorized to Issue

On January 1, 2012, Georgi Company was authorized to issue 10,000 shares of $2 par common stock and 5,000 shares of $5 preferred stock. Given this information, if Georgi Company issued 2,000 shares of common stock (with no known market value) for land with a book value of $15,000 (market value $10,000) , the entry to record the transaction would include a

A) Debit to Land of $10,000
B) Credit to Common Stock of $15,000
C) Credit to Paid-In Capital in Excess of Par, Common Stock of $11,000
D) Debit to Land of $15,000

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