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Hurd Company acquired a building valued at $160,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At what amount should the building be recorded by Hurd Company?
a. $50,000
b. $150,000
c. $160,000
d. $200,000
Demostrate the entry in the Investment Trust Fund to summarize the collection of interest for six-month period.
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