Fairchild Company Acquired a Building Valued at $210,000 for Property

question 53

Multiple Choice

Fairchild Company acquired a building valued at $210,000 for property tax purposes in exchange for 6,000 shares of its $10 par common stock.The stock is widely traded and selling for $31 per share.At what amount should the building be recorded by Fairchild Company?

• A)$210,000
• B)$60,000
• C)$186,000
• D)$150,000

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