Horton Stores exchanged land and cash of $4,800 for similar land. The book value and the fair value of the land were $89,800 and $100,300, respectively. Assuming that the exchange lacks commercial substance, Horton would record land-new and a gain/(loss) of:

	Land				Gain/(loss)
a.	$	105,100			$	0
b.	$	105,100			$	10,500
c.	$	94,600			$	0
d.	$	94,600			$	10,500