JT Engineering exchanges 4,000 shares of

$25

par value common stock held in treasury for a parcel of land to be held for a future plant site. The treasury shares were acquired by JT at a cost of

$40

per share, and on the exchange date the common shares of JT had a fair value of

$50

per share. JT received

$12,000

salvage for a building on the property that was demolished. At what value should this land be capitalized?\

[[$188,000],[$148,000],[160,000],[$200,000]]

JT Engineering exchanges 4,000 shares of $25 par value common stock held in treasury for a parcel of land to be held for a future plant site. The treasury shares were acquired by JT at a cost of $40 per share, and on the exchange date the common shares of JT had a fair value of $50 per share. JT received $12,000 salvage for a building on the property that was demolished. At what value should this land be capitalized? $188,000. $148,000. $160,000. $200,000