Multiple Choice
Merritt Company acquired a building valued at $190,000 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 Merritt Company?
A) $60,000
B) $180,000
C) $190,000
D) $10,000
Correct Answer:
Verified
Correct Answer:
Verified
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