Bloomington Inc. exchanged land for equipment and $3,100 in cash. The book value and the fair value of the land were $104,300 and $88,300, respectively. Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss) of:

	Equipment				Gain/(loss)
a.	$	85,200			$	3,100
b.	$	104,300			$	(3,100	)
c.	$	85,200			$	(16,000	)
d.	None of these answer choices are correct.