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A company exchanged land and cash of $4,000 for similar land. The book value and...

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Accounting

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A company exchanged land and cash of $4,000 for similar land. The book value and the fair value of the land were $89,900 and $100,600, respectively. Assuming that the exchange has commercial substance, the company would record land-new and a gain on exchange of assets in the amounts of: Multiple Choice Option a. Option b. Option d. Option c

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