Horton Stores exchanged land and cash of $5,700 for similar land. The book value and the fair value of the land were $88,400 and $100,100, respectively. Assuming that the exchange lacks commercial substance, Horton would record landnew and a gain/(loss) on exchange of assets in the amounts of:

	Land				Gain/(loss)
a.	$	105,800			$	0
b.	$	105,800			$	11,700
c.	$	94,100			$	0
d.	$	94,100			$	11,700