Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange for both companies follows. Clarksten Co. Kay Inc. $45.000 Equipment given up: Equipment (original cost) Accumulated depreciation Fair value Cash exchanged 25,000 18,000 (4,000) $35,000 20,000 20,000 4,000 Assuming that the exchange has no commercial substance, Kay Inc. should recognize a Gain of $4,000. Gain of $1,000 Gain of $5,000. O Loss of $5,000. During 2020, Burr Co. made the following expenditures related to the acquisition of land and the construction of a building: $60,000 Purchase price of land Legal fees for contracts to purchase land Architects' fees Demolition of old building on site Sale of scrap from old building Construction cost of new building (fully completed) 2,000 8.000 5,000 3,000 350.000 What amounts should be recorded as the initial values of the land and the building? Land $60,000 Option A Option B Option Option D Building $360,000 $360,000 $358,000 $62,000 $64.000 $65,000 $362.000 O Option D O Option B O Option C Option A