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A company issued 100,000 shares of its own $3 par common stock to purchase a piece of land. The value of the stock is not

A company issued 100,000 shares of its own $3 par common stock to purchase a piece of land. The value of the stock is not easily determined, but the appraised value of the land is $575,000. The land should be recorded at a cost of

a.$300,000

b.$275,000

c.$575,000

d.$450,000

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