P. Chang & Co. exchanged land and $8,000 cash for equipment. The book value and the fair value of the land were $106,300 and $89,000, respectively. Chang would record equipment and a gain/(loss) of: Equipment Gain/(loss) $106,300 $(8,000). $97,000 $(17,300). $106,300 $(17,300). $89,000 $(25,300).