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How much should be debited to the land account

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Reference no: EM132812689

Problem 1: On October 17, 2020, LILAC Corporation exchanged 20,000 shares of its ?200 par value share for land. Last year, the land was appraised by an independent appraiser at ?5,000,000. The land had an initial cost of ?3,000,000. Lilac is currently trading at the stock exchange at ?300. How much should be debited to the "land" account?

a. ?6,000,000

b. ?3,000,000

c. ?5,000,000

d. ?4,000,000

Reference no: EM132812689

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