Bloomington Inc. exchanged land for equipment and $3,400 in cash. The book value and the fair value of the land were $105,600 and $89,800, 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) $ 86,400 $ 3,400 $105,600 $ (3,400) $ 86,400 $(15,800) None of these answer choices are correct. C. d