Horton Stores exchanged land and cash of $5,300 for similar land. The book value and the fair value of the land were $88,400 and $100,800, respectively. Assuming that the exchange lacks commercial substance, Horton would record land-new and a gain / (loss) of: Land Gain / (loss) a. $ 106,100 $ 0 b. $ 106,100 $ 12,400 c. 93700 $ 0 d. $ 93,700 $ 12,400
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