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Horton Stores exchanged land and cash of $4,000 for similar land. The book value and the fair value of the land were $89,500 and $101,000, respectively. Assuming that the exchange lacks commercial substance, Horton would record land-new and a gain/loss) on exchange of assets in the amounts of: a. b. Land $105,000 $ 105,000 $ 93,500 $ 93,500 Gain/(loss) $ 0 $11,500 $ 0 $11,500 d. Multiple Choice Option C Option D Option A O O Option B