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Hurd Company acquired a building valued at $166,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock

Hurd Company acquired a building valued at $166,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock is widely traded and selling for $17 per share. At what amount should the building be recorded by Hurd Company?

elect the correct answer.

$170,000
$120,000
$50,000
$166,000

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