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Kansas Company acquired a building valued at $155,000 for property tax purposes in exchange for...

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Accounting

Kansas Company acquired a building valued at $155,000 for property tax purposes in exchange for 12,000 shares of its $4 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. $48,000
b. $179,500
c. $155,000
d. $228,000
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