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Kansas Company Acquired a Building Valued at $210,000 for Property

Question 215

Multiple Choice

Kansas Company acquired a building valued at $210,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At what amount should the building be recorded by Kansas Company?


A) $60,000
B) $180,000
C) $210,000
D) $120,000

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