On October 1 . Azuma, Inc exchanged 8,000 shares of its $25 par value common stock for a parcel of land to be held for a future plant site.Azuma's common stock had a fair market value of $80 per share on the exchange date. Azuma received $36,000 from the sale of scrap when an existing building on the site was razed. The land should be carried at

a. $200,000.
b. $236,000.
c. $604,000.
d. $640,000.


C

Business

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Business