Horton Stores exchanged land and cash of $4,700 for similar land. The book value and the fair value of the land were $88,900 and $101,100, respectively.

Assuming that the exchangehascommercial substance, Horton would record landnew and a gain/(loss)on exchange of assets in the amounts of:

LandGain/(loss)a.$105,800$0b.$105,800$12,200c.$93,600$0d.$93,600$12,200