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A company exchanged land and cash of $5,300 for similar land. The book value and the fair value of the land were $89,500 and $101,600,

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A company exchanged land and cash of $5,300 for similar land. The book value and the fair value of the land were $89,500 and $101,600, 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: Multiple Choice Opkon b Gption d Optionc

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