Reporting an Asset Exchange Two independent companies, Bevine and Shaiton are in the home-building business. Each owns a tract of land for development, but each company prefers to build on the others and. Accordingly, they are to exchange their land. An appraser is hired, and from the appraiser report and the companies records, the following information is drawn Bevine Cos Land Shalon Co. Land Cost same as book wall 50.000 550,000 Fax value based on appraisal 100,000 90,000 The exchange of land te made. Based on the difference in appraised values, Shalto also pays $10,000 cach to Swane. The transaction lacks commercial substance For financial reporting purposes, what does Beine recognize as apretar gain on this exchange? b. For financial reporting purposes. What does Sharon recognize as a preto this exchange After the exchance at what does evine record newly acquired and After the chance at what value os Shalon record seruired and Previous Save Answers Fint attempo Gudel