On December 1, 2013, Boyd Co. purchased a $400,000 tract of land for a factory site. Boyd razed an old building on the property and sold the materials it salvaged from the demolition. Boyd incurred additional costs and realized salvage proceeds during December 2013 as follows: Demolition of old building Legal fees for purchase contract and recording ownership Title guarantee insurance Proceeds from sale of salvage materials $50,000 8,000 12.000 10,000 On its December 31, 2013, balance sheet, Boyd should report a balance in the land account of: Select one: a. $470,000 O b. $460,000 O c. $440,000 O d. $420,000 e. $450,000 Hagen Co. exchanged a truck with a carrying amount of $12,000 and a fair value of $20,000 for a truck and $5,000 cash. The fair value of the truck received was $15,000. The exchange was considered to have commercial substance. At what amount should Hagen record the truck received in the exchange? Select one: a. $7,000 b. $9,000 c. $12,000 d. $15,000 o e. $20,000