True or False

1.When a plantwide factory overhead rate is used, overhead costs are applied to all products by a single rate.

2. Hurd Company acquired a building valued at $153,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock is widely traded and sold for $17 per share. At what amount should the building be recorded by Hurd Company?

Select the correct answer.

A. $170,000

B. $153,000

C. $120,000

D. $50,000