On October 1, Takei, Inc

Multiple Choice

On October 1, Takei, Inc. exchanged 8,000 shares of its $25 par value common stock for a parcel of land to be held for a future plant site. Takei's common stock had a fair market value of $80 per share on the exchange date. Takei received $36,000 from the sale of scrap when an existing building on the site was razed. The land should be carried at

A) $200,000.
B) $236,000.
C) $604,000.
D) $640,000.