31. Hurd Company acquired a building valued at $160,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At what amount should the building be recorded by Hurd Company?

$50,000
$150,000
$160,000
$200,000

32. When Bunyan Corporation was formed on January 1, 20xx, the corporate charter provided for 100,000 share of $10 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,000 shares of stock at a price of $22.00 per share.
The entry to record the above transaction would include a ________.

debit to Cash for $80,000
credit to Common Stock for $176,000
credit to Paid in Capital in Excess of Par- for $96,000
debit to Common Stock for $80,000