Multiple choice so 1, 2, 3, or 4

D Question 19 5 pts A company issues 40,000 shares of its $1 Par Value stock in exchange for land. Fair value of the land is $400,000. The journal entry to record the transaction is: 1. Dr Common Stock 400,000 Cr Land 400,000 2. Dr Land 400,000 Cr Common Stock 40,000 Cr Paid in Capital 360,000 3. Dr Land 400,000 Cr Common Stock 400,000 Dr Land 40,000 Cr Common Stock 40,000 0 2 0 3 JUL 18