On February 1, 2025, Crane Corporation issued 2,500 shares of its $5 par value common stock for land worth $39,200. Prepare the February 1, 2025, journal entry.
a) Debit Land $39,200, Credit Common Stock $12,500, Credit Paid-in Capital in Excess of Par $26,700
b) Debit Land $39,200, Credit Common Stock $12,500, Credit Retained Earnings $26,700
c) Debit Land $39,200, Credit Cash $39,200
d) Debit Land $12,500, Debit Paid-in Capital in Excess of Par $26,700, Credit Common Stock $39,200