Bloomington Inc. exchanged land for equipment and $3,200 in cash. The book value and the fair value of the land were $104,500 and $88,600, respectively. Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss) on exchange of assets in the amounts of: a. b. Equipment Gain/(loss) $ 85,400 $ 3,200 $104,500 $ (3,200) $ 85,400 $(15,900) None of these answer choices are correct. c. d