Carpenter Corporation Purchased a Mineral Deposit, Making Payment as Follows

Multiple Choice

Carpenter Corporation purchased a mineral deposit, making payment as follows: Cash $10,000 and 6,000 Carpenter Corporation common shares. On the date of the purchase, the mineral deposit had an appraised value of $75,000; the common shares were quoted on the market at $11 per share. Other acquisition costs amounted to $3,000 cash. What was the cost recorded for the mineral deposit?

A) $70,000
B) $73,000
C) $75,000
D) $79,000