On October 1, Takei, Inc

question 7

Multiple Choice

On October 1, Takei, Inc. exchanged 8,000 shares of its $25 par value common stock for a parcel of land to be held for a future plant site. Takei's common stock had a fair market value of $80 per share on the exchange date. Takei received $36,000 from the sale of scrap when an existing building on the site was razed. The land should be carried at

• A) $200,000.
• B) $236,000.
• C) $604,000.
• D) $640,000.

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Definitions:

Gould's Theory

Refers to a sociobiological framework proposed by Stephen Jay Gould, which suggests that human behaviors and social structures are influenced by evolutionary biology.

Economic Scarcity

A situation in which available resources are insufficient to satisfy all wants and needs.

Buffer Zone

An area designated to separate opposing forces or entities to prevent conflict.

Firearms

Portable weapons that discharge projectiles, such as bullets, through the confined burning of propellants.