BBC Company purchased a piece of land with a fair value of $120,000 for $100,000 cash. What is the journal entry to record the land purchase?

a.Debit Land and credit Cash for $100,000

b.Debit Land for $120,000, credit Gain for $20,000, and credit Cash for $100,000

c.Debit Land and credit Cash for $120,000

d.Debit Land for $100,000, debit Gain for $20,000, and credit Cash for $120,000