Please use the following information to answer questions 23-25. Two construction companies, Harglo and Kalman, are in the construction business. Each owns a tract of land being held for development, but each company would prefer to build on the other's land. Accordingly, they agree to exchange their land, and have the following information: Harglo's Kalman's Land Cost and book value $160,000 $100,000 Fair value based upon appraisal $200,000 $170,000 Land The exchange of land was made, and, based on the difference in appraised fair value, Kalman paid $30,000 cash to Harglo. 24. For financial reporting purposes, Kalman would recognize a gain on this exchange in the amount of a. $0 b. S20,000 c. $30,000 d. 560,000 25. After the exchange, Harglo would record its newly acquired land on its books at a. S 90,000 b. $102,000 c. $136,000 d. S166,000