Exhibit 10-1 Two construction companies, Dakota and Carolina, are in the construction business. Each owns a tract of land being held for development, but each company believes that the other's land is better suited to enhance the success of each planned develop Accordingly, they agree to exchange their land and have the following information: Land Dakota's Carolina's Land Cost and book value $400.000 $250,000 Fair value based upon appraisal $500,000 $450,000 The exchange of land was made, and based on the difference in appraised fair value, Carolina paid $50,000 cash to Dakota. Refer to Exhibit 10-1. For financial reporting purposes, Dakota should recognize a gain on this exchange in the amount of Select one: a $200,000 b. $50,000 C. SO d. $100.000