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Fisher holds land with a book value of $150,000 and a fair value of $225,000....

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Accounting

Fisher holds land with a book value of $150,000 and a fair value of $225,000. Fisher trades this land to Asbury for similar land. Because Fishers land is more valuable, Asbury pays Fisher an additional $75,000 cash.

a. Assuming the transaction has commercial substance, what value would Fisher record for the new land?

b.Assuming the transaction lacks commercial substance, what value would Fisher record for the new land?

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