A company exchanged land and cash of $$4,100$ for similar land. The book value and the fair value of the land

were $$88,600$ and $$101,100,$ respectively.

Assuming that the exchange lacks 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 c$.$

Option d$.$