Horton Stores exchanged land and cash of $5,900 for similar land. The book value and the fair value of the land were $88,500 and $101,500, respectively. Assuming that the exchange lacks commercial substance, Horton would record land-new and a gain/(loss) of:

Land Gain/(loss)

94,400 0

107,400 0

94,400 13,000

(107,400 13,000) I come up with 107,400 13,000