On december 1 young corporation exchanged 5000 shares of, Ask an Expert

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On December 1, Young Corporation exchanged 5,000 shares of its $25 par value common stock held in treasury for a parcel of land to be held for a future plant site. The treasury shares were acquired by Young at a cost of $40 per share, and on the exchange date the common shares of Young had a fair market value of $50 per share. Young received $9,000 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. $191,000.

b. $200,000.

c. $241,000.

d. $250,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M957925

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