Answer:
The Journal entry is as follows:
Land A/c       Dr. $245,000
Building A/c    Dr. $374,000
To Common stock, $8 par value                      $232,000
To Paid-in capital in excess of par value, common stock  $387,000
(To record issuance of the stock in exchange for the land and building)
Workings:
Common stock = $8 × 29,000 shares
             = $232,000
