Carpenter Corporation Purchased a Mineral Deposit, Making Payment as Follows

question 97

Multiple Choice

Carpenter Corporation purchased a mineral deposit, making payment as follows: Cash $10,000 and 6,000 Carpenter Corporation common shares. On the date of the purchase, the mineral deposit had an appraised value of $75,000; the common shares were quoted on the market at $11 per share. Other acquisition costs amounted to $3,000 cash. What was the cost recorded for the mineral deposit?

• A) $79,000
• B) $70,000
• C) $75,000
• D) $73,000

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Definitions:

Neutrophils

A type of white blood cell that plays a key role in the immune system by engulfing and destroying pathogens and debris.

Basophils

A type of white blood cell involved in immune responses, particularly known for releasing histamine and playing a role in allergic reactions.

Eosinophils

A type of white blood cell involved in the body's immune response, particularly known for their role in fighting parasitic infections and contributing to allergic reactions.

Monocytes

A type of white blood cell that plays a significant role in the immune response by differentiating into macrophages and dendritic cells.