A company exchanged land and cash of $4,500 for similar land. The book value and the fair value of the land were $89,800 and $101,500, respectively. Assuming that the exchange has commercial substance, the company would record land-new and a gain / (loss) of: Land Gain / (loss) a.$106,000 $0 b.$106,000 $11,700 c.$94,300 $0 d.$94,300 $11,700
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