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Below is the information relative to an exchange of assets by Sunland Company. The exchange lacks commercial substance. Old Equipment Book Value Fair Value Cash

Below is the information relative to an exchange of assets by Sunland Company. The exchange lacks commercial substance.

Old EquipmentBook ValueFair ValueCash PaidCase I$462000$507000$79500Case II$282000$251000$35700

Which of the following would be correct for Sunland to record in Case II?

Record Equipment at:Record a gain (loss) of:

$286700 $(31000)

$282000 $(4700)

$282000 $4700

$317700 $31000

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