A company exchanged land for equipment and $2,300 in cash. The book value and the fair value of the land were $105,400 and $89,700, respectively. Assuming that the exchange has commercial substance, the company would record equipment and a gain / (loss) of: Equipment Gain / (loss) a.$87,400 $2,300 b.$105,400 $ (2,300) c.$87,400 $ (15,700) d. None of these answer choices are correct.
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