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P10-2 ( Classification of Acquisition Costs ) Selected accounts included in the property , plant , and equipment section of Lobo Corporation % u2019s balance sheet at December 31 , 2013 , had the following balances .
Land $ 300,000 Land improvements 140,000 Buildings 1,100,000 Equipment 960,000 During 2014 , the following transactions occurred .
1 . A tract of land was acquired for $ 150,000 as a potential future building site .
2 . A plant facility consisting of land and building was acquired from Mendota Company in exchange
for 20,000 shares of Lobo % u2019s common stock . On the acquisition date , Lobo % u2019s stock had a closing market
price of $ 37 per share on a national stock exchange . The plant facility was carried on Mendota % u2019s
books at $ 110,000 for land and $ 320,000 for the building at the exchange date . Current appraised