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

Multiple Choice

Fairchild Company acquired a building valued at $210,000 for property tax purposes in exchange for 6,000 shares of its $10 par common stock.The stock is widely traded and selling for $31 per share.At what amount should the building be recorded by Fairchild Company?

A) $210,000
B) $60,000
C) $186,000
D) $150,000