Bloomington Inc. exchanged land for equipment and $3,000 in cash. The book value and the fair value of the land were $105,800 and $89,500, respectively. Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss) on exchange of assets in the amounts of: Equipment Gain/(loss) $ 86,500 $ 3,000 $105,800 $ (3,000) $ 86,500 $(16,300) None of these answer choices are correct