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14. Kansas Company acquired a building valued at $155,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock. The

14.

Kansas Company acquired a building valued at $155,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock. The stock is widely traded and selling for $20 per share. At what amount should the building be recorded by Kansas Company?

a.$60,000

b.$155,000

c.$240,000

d.$179,500

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