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Kansas Company acquired a building valued at $170,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock. The stock

Kansas Company acquired a building valued at $170,000 for property tax purposes in exchange for 12,000 shares of its $5 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.$167,500

b.$60,000

c.$228,000

d.$170,000

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