Loretta Inc. issues 2,000 shares of preferred stock in exchange for land and building that have a fair value of $50,000 and $80,000 respectively. What is included in the journal entry to record this transaction? a. A debit to Land and Building for $130,000 b.  A debit to Land for $80,000 c. A credit to Preferred Stock for $130,000  d.   A credit to Preferred Stock for $2,000

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