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A company exchanged land and cash of $5,900 for similar land. The book value and the fair value of the land were $88,400 and $100,300,

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A company exchanged land and cash of $5,900 for similar land. The book value and the fair value of the land were $88,400 and $100,300, 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: Nuatiple Choice Optiond. Option b. Option c Option a

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