A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000. The entry to record this exchange is: Group of answer choices Debit Common Stock $50,000; debit Paid-In Capital in Excess of Par Value, Common Stock $20,000; credit Land $70,000. Debit Land $70,000; credit Common Stock $70,000. Debit Land $50,000; credit Common Stock $50,000. Debit Land $70,000; credit Common Stock $50,000; credit Paid-In Capital in Excess of Par Value, Common Stock $20,000. Debit Common Stock $70,000; credit Land $70,000.