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Which should be used to record the value of land

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Question: Sally Jones acquired 5,000 shares of $5 par value stock in exchange for land valued by an appraiser at $50,000. Her brother, John Jones, bought a large number of same company's shares on the same day for $9 cash per share. Which of the following should be used to record the value of the land on the company's books?

Reference no: EM132748096

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