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Kansas Company acquired a building valued at $156,000 for property tax purposes in exchange for 12,000 shares of its $6 par common stock. The stock
Kansas Company acquired a building valued at $156,000 for property tax purposes in exchange for 12,000 shares of its $6 par common stock. The stock is widely traded and selling for $19 per share. At what amount should the building be recorded by Kansas Company?
a.$72,000
b.$228,000
c.$155,500
d.$156,000
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