Use the Following Information to Answer Questions

question 47

Multiple Choice

Use the following information to answer questions
Jamison Company purchased the assets of Booker Company at an auction for $1,400,000.An independent appraisal of the fair value of the assets is listed below:
-On December 1, Miser Corporation exchanged 2,000 shares of its $25 par value ordinary shares held in treasury for a parcel of land to be held for a future plant site.The treasury shares were acquired by Miser at a cost of $40 per share, and on the exchange date the ordinary shares of Miser had a fair value of $50 per share.Miser received $6,000 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)$74,000.
• B)$80,000.
• C)$94,000.
• D)$100,000.