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Kansas Company acquired a building valued at $160,000 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 $160,000 for property tax purposes in exchange for 12,000 shares of its $3 par common stock. The stock is widely traded and selling for $18 per share. At what amount should the building be recorded by Kansas Company?

a. $160,000

b. $216,000

c. $179,500

d. $36,000

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