Horton Stores exchanged land and cash of $5,500 for similar land. The book value and the fair value of the land were $89,300 and $100,800, respectively. Assuming that the exchange has commercial substance, Horton would record land-new and a gain/(loss) of: Land Gain/(loss) $94,800 $11,500. $106,300 $0. $106,300 $11,500. $94,800 $0.