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What amount the land should be carried

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Problem 1: On January 5, 2020, Julia Corporation exchanged 8,000 shares of its $25 par value ordinary shares for a parcel of land to be held for a future plant site. The ordinary shares had fair market value of $80 per share on that date. Julia Corp. received $36,000 from the sale of scrap when an existing building on the site was razed. The land should be carried at what amount?

Reference no: EM132867125

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