Multiple Choice Question 99 On December 1, Vaughn Manufacturing exchanged 7200 shares of its $30...
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Accounting
Multiple Choice Question 99 On December 1, Vaughn Manufacturing exchanged 7200 shares of its $30 par value common stock held in treasury for a parcel of land to be held for a future plant site. The treasury shares were acquired by Vaughn at a cost of $45 per share, and on the exchange date the common shares of Vaughn had a fair value of $55 per share. Vaughn received $21000 for selling scrap when an existing building on the property was removed from the site. Based on these facts, the land should be capitalized at
A$396000.
B$213525.
C$324000.
D$375000.
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