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Bloomington Inc. exchanged land for equipment and $3,900 in cash. The book value and the fair value of the land were $104,000 and $88,800, 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) $ 84,900 $ 3,900 $104,000 $ (3,900) $ 84,900 $(15,200) None of these answer choices are correct. c. d. Multiple Choice Option O O Option D Option C O O Option A