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Hurd Company acquired a building valued at $172,000 for property tax purposes in exchange for 10,000 shares of its $3 par common stock. The stock

Hurd Company acquired a building valued at $172,000 for property tax purposes in exchange for 10,000 shares of its $3 par common stock. The stock is widely traded and selling for $16 per share. At what amount should the building be recorded by Hurd Company?

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