25,000 shares reacquired by Elixir Co. for $53 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of exchange the common stock was trading at $62 per share on an organized exchange.

b)Briefly identify the possible alternatives (including those that are totally unacceptable) for quantifying the cost of the land and briefly support your choice.