$21.$

A company exchanged land for equipment and received $$2,600$ in cash. The book value and the fair value of the land were $$104,100$ and $$88,900,$ respectively.

Assuming that the exchange has commercial substance, the company would record equipment and a gain$($loss$)$ on exchange of assets in the amounts of:

Equipment Gain$($loss$)$

a$.$ $ $86,300$ $ $2,600$

b$.$ $ $104,100$ $ $(2,600)$

c$.$ $ $86,300$ $ $(15,200)$

d$.$ None of the other answer choices are correct