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Putt Company issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on December 31. This land was carried on Drives

Putt Company issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on December 31. This land was carried on Drives books for $45,000. The preferred stock is currently selling for $130 per share. No appraisal is available on the land. At what value should the land be recorded at in the financial statements? a. $60,000 b. $10,000 c. $50,000 d. $65,000

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