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Corporation XYZ wishes to issue common stock to acquire a non-cash asset. According to GAAP, which of the following is TRUE? The acquisition of this

Corporation XYZ wishes to issue common stock to acquire a non-cash asset. According to GAAP, which of the following is TRUE?

The acquisition of this asset must be approved by all current board members.

The asset must be valued at the current market value of preferred stock.

The acquisition of this asset must be tax deductible.

The asset must be valued at the current market value of the common stock.

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