Kansas Company acquired a building valued at $210,000 for property tax purposes in exchange for 12,000 shares
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Question:
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). $120,000
b). $180,000
c). $60,000
d). $210,000
Related Book For
Advanced Accounting
ISBN: 978-1305084858
12th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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