Hughes Excavating Corp. (HEC) sold an excavator to Boon Docks Inc. (BDI). HEC agreed to accept $15,000 cash and a recreational property with a small cabin on it as payment for the excavator. Pertinent details follow:

• The sale of the excavator was incidental to HEC's primary revenue-generating activities of excavating building sites.
• HEC reports its financial results in accordance with IFRS.
• The transaction is deemed to have commercial substance.
• HEC originally paid $130,000 for the excavator. Its net book value at the time of the exchange was $84,000.
• There is an active market for the excavator that HEC sold to BDI. Based on recent similar transactions, the fair value of the excavator is estimated to be $96,000.
• The latest government-assessed value of the land and buildings was $90,000 $60,000 allocated to land and $30,000 to the cabin. While government assessments are prepared for the purpose of assessing property taxes rather than estimating actual market values, they are frequently used to estimate relative fair values of the component parts. There have not been any recent sales of similar properties in the area.

When HEC prepares the journal entry to record the transaction, at what amount will the company debit the land account?

options:

$46,000

$54,000

$60,000

$81,000