Step-by-step explanation:
The journal entry is as follows
On February 1, 2020
Land Dr $36,400
To Common Stock $14,000
To Paid- in capital in excess of par value - common stock $22,400
(Being the common stock is issued for land)
The computation is shown below:
For common stock
= 2,800 shares × $5 per share
= $14,000
And, the remaining balance is credited to the paid in capital in excess of par value i.e $22,400