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  3. horton stores exchanged land and cash of $5,300 fo

Horton Stores exchanged land and cash of $5,300 for similar land. The book value and...

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Horton Stores exchanged land and cash of $5,300 for similar land. The book value and the fair value of the land were $88,800 and $101,600, respectively. Assuming that the exchange has commercial substance, Horton would record land-new and a gain/loss) on exchange of assets in the amounts of a. b. Land $106,900 $106,900 $ 94,100 $ 94,100 Gain/(loss) $ $12,800 $ $12,800 C. d. Multiple Choice Option A Option B Option C O Option D Help Save Lake Incorporated purchased all of the outstanding stock of Huron Company paying $963,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were: Current assets (net) Property, plant, equip. (net) Liabilities Book Value $131,300 601,000 150,500 Fair Value $123,200 759,000 176,000 Lake would record goodwill of: Multiple Choice O $381.200 O $80,800 O $256.800 O $0

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