On January 1, Year 3, All Business Machines (ABM) issued 1,000 shares of its common stock for a building. Real estate appraisers estimated the building to have a market value of $55,000 on the date of acquisition. The common stock of ABM sold for $50 per share on the date of the acquisition. On January 1, Year 3, ABM paid $650 in real estate transfer taxes, $500 in real estate legal fees for
recording the transaction, $1,750 in property taxes for Year 3, and $2,000 for a two-year insurance policy beginning January 1, Year 3 . At what amount should the building appear in the Building account of ABM on January 1, Year 3?
a. $51,150
b. $52,900
c. $56,150
d. $59,900
e. $61,900
A
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