Below is information relative to an exchange of similar assets by Grand Forks Corp. Assume the exchange has commercial substance Old Equipment Book Value Fair Value Cash Paid $15,000 $ 8,000 $60,000 $35,000 Case A $50,000 Case B $40,000 In Case A, Grand Forks would record the new equipment at: Multiple Choice $50,000. $75,000. $60,000 $65,000 On June 17, the Lattern Company issued 120,000 shares of its $0.10 par value common stock in exchange for land. On the date of the transaction, the fair value of the common stock, evidenced by its market price, was $10 per share. The journal entry to record this transaction includes: Multiple Choice Debit: Land, $12,000. Debit: Land, $1,200,000. Credit: Cash, $1,200,000. No entry for this exchange