On December 1, Lambert Corporation Exchanged 2,000 Shares of Its

question 40

Multiple Choice

On December 1, Lambert Corporation exchanged 2,000 shares of its no par value common shares for a parcel of land to be held for a future plant site.The book value of the shares is currently $45 per share, and their market value is $55 per share.Lambert received $15,000 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)$120,000
• B)$75,000
• C)$110,000
• D)$95,000

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