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Kansas Company acquired a building valued at $151,000 for property tax purposes in exchange for 12,000 shares of its $3 par common stock. The stock

Kansas Company acquired a building valued at $151,000 for property tax purposes in exchange for 12,000 shares of its $3 par common stock. The stock is widely traded and selling for $17 per share. At what amount should the building be recorded by Kansas Company?

a.$151,000

b.$36,000

c.$167,500

d.$204,000

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