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Question - The W. J. Clinton Company issued 750 shares of $1 stated value common stock in exchange for land from the Whitewater Investment Company. The Whitewater Investment Company carried the land on its books at $45,000. The land was recently appraised at $70,000. The W. J. Clinton Company's common stock has a current market price of $100/share.
When recording this transaction, how much should the W. J. Clinton Company record as additional paid in capital?
A. $750
B. $44,250
C. $69,250
D. $70,750
E. $74,250
From the foregoing information, indicate in what section of the income statement or retained earnings statement these items should be classified
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