Warren Peace Bookstore issues a note with no stated interest rate in exchange for a building. In accounting for the transaction:

Multiple Choice

• The note is recorded at its face amount unless the fair value of the building is readily available.

• The building should be depreciated over the notes term to maturity.

• Both the note and building are recorded at the fair value of the note or the fair value of the building, whichever is more clearly determinable.

• If fair values of the note and building are unavailable, the note should be recorded at its face amount.