Question: Multiple Choice Question 99 On December 1, Vaughn Manufacturing exchanged 7200 shares of its $30 par value common stock held in treasury for a parcel

Multiple Choice Question 99 On December 1, Vaughn Manufacturing exchanged 7200 shares of its $30 par value common stock held in treasury for a parcel of land to be held for a future plant site. The treasury shares were acquired by Vaughn at a cost of $45 per share, and on the exchange date the common shares of Vaughn had a fair value of $55 per share. Vaughn received $21000 for selling scrap when an existing building on the property was removed from the site. Based on these facts, the land should be capitalized at

A$396000.

B$213525.

C$324000.

D$375000.

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