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How much should the W J Clinton Company record

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Question - The W. J. Clinton Company issued 750 shares of $1 stated value common stock in exchange for land from the Whitewater Investment Company. The Whitewater Investment Company carried the land on its books at $45,000. The land was recently appraised at $70,000. The W. J. Clinton Company's common stock has a current market price of $100/share.

When recording this transaction, how much should the W. J. Clinton Company record as additional paid in capital?

A. $750

B. $44,250

C. $69,250

D. $70,750

E. $74,250

Reference no: EM132546914

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