Horton Stores exchanged land and cash of $5,200 for similar land. The book value and the fair value of the land were $89,700 and $101,300, respectively. Assuming that the exchange has commercial substance, Horton would record land-new and a gain/(loss) on exchange of assets in the amounts of: a. b. Land $ 106,500 $ 106,500 $ 94,900 $ 94,900 Gain/ (loss) $ 0 $11,600 $ 0 $11,600 C. d. Multiple Choice Option A Option B Option C Option D