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Hurd Company acquired a building valued at $174,000 for property tax purposes in exchange for 10,000 shares of its $7 par common stock. The stock

Hurd Company acquired a building valued at $174,000 for property tax purposes in exchange for 10,000 shares of its $7 par common stock. The stock is widely traded and sold for $20 per share. At what amount should the building be recorded by Hurd Company?

Select the correct answer.

$70,000

$200,000

$130,000

$174,000

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