A company exchanged land and cash of $$5,000$ for similar land. The book value and the fair value of the land were $$90,000$ and $$100,000,$ 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:

Land Gain

a$.$ $ $105,000$ $ $0$

b$.$ $ $105,000$ $ $10,000$

c$.$ $ $95,000$ $ $0$

d$.$ $ $95,000$ $ $10,000$