Two independent companies, Concord Co. and Ivanhoe Co, are in the home building business. Each owns a tract of land held for development, but each would prefer to build on the other's land. They agree to exchange their land. An appraiser was hired, and from her report and the companies' records, the following information was obtained Concordis Land Ivanhoelstand Cost and book value $546000 $373000 Fair value based upon appraisal 700000 647000 The exchange was made, and based on the difference in appraised fair values, Ivanhoe paid $53000 to Concord. The exchange lacked commercial substance, The new land should be recorded on Concord's books at $546000 5700000 $647000 5504660