On December 1, Wynne Corporation exchanged 2,000 shares of its $25 par value common stock held in treasury for a parcel of land to be held for a future plant site.The treasury shares were acquired by Wynne at a cost of $40 per share, and on the exchange date the common shares of Wynne had a fair market value of $50 per share.Wynne received $6,000 for selling scrap when an existing building on the property was removed from the site.Based on these facts, the land should be capitalized at

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The Answer of On December 1, Wynne Corporation exchanged 2,000 shares of its $25 par value common stock held in treasury for a parcel of land to be held for a future plant site.The treasury shares were acquired by Wynne at a cost of $40 per share, and on the exchange date the common shares of Wynne had a fair market value of $50 per share.Wynne received $6,000 for selling scrap when an existing building on the property was removed from the site.Based on these facts, the land should be capitalized at

On December 1, Wynne Corporation Exchanged 2,000 Shares of Its