Bloomington Inc. exchanged land for equipment and $3,700 in cash. The book value and the fair value of the land were $105,400 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. C. d. Equipment $ 84,900 $105,400 $ 84,900 None of these answ