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Desert Company purchased land by exchanging 15,000 shares of the company's common stock that had...

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Accounting

Desert Company purchased land by exchanging 15,000 shares of the company's common stock that had a $5 par value. The land was recently appraised for $220,000. Desert's stock is not actively traded on the NYSE but last year a shareholder sold a block of 350 shares at a selling price of $25 per share. What is the original cost of the Land that will be recorded by Desert, Co., on their Balance Sheet?

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