On December 1, Lambert Corporation exchanged 2,000 shares of its no par value common shares for a parcel of land to be held for a future plant site.The book value of the shares is currently $45 per share, and their market value is $55 per share.Lambert received $15,000 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 land should be capitalized at the fair value of the shares exchanged, which is $110,000 (2,000 shares x $55 per share). The $15,000 received for selling scrap should be deducted from the cost of the land. Therefore, the net cost of the land is $95,000, which is the amount to be capitalized.

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