b. 13,000 shares of common stock with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $817,000, of which $187,260 has been allocated to land and $629,740 to buildings. The stock of Concord Company is not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months agso at $68 per share, and a block of 200 shares was sold by another stockholder 18 months ago at $61 per share. c. No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the ataounts properly chargeable to plant asset accounts for machinery constructed during the year. The following information is given relative to costs of the machinery constructed. No. Account Titles and Explanation a. b. c