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The answers in red are wrong, please correct the numbers, and explain why Marin Company made an agreement with GRN Ltd. to exchange two similar

The answers in red are wrong, please correct the numbers, and explain why

Marin Company made an agreement with GRN Ltd. to exchange two similar plots of land. Marins land had an original cost of $609,000 and a fair value of $710,000. GRNs land had an original cost of $632,700 and a fair value of $748,300. Marin also paid $38,300 in cash to GRN as part of the transaction. The exchange lacks commercial substance.

image text in transcribed

Land 710000 Land 632700 Cash 38300

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