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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 $89,300 and $100,600.

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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 $89,300 and $100,600. respectively. Assuming that the exchange has commercial substance. Horton would record land-new and a gain

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