Two independent companies, Coronado Co. and Wildhorse 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:

		Coronado's Land		Wildhorse's Land
Cost and book value		$536000		$373000
Fair value based upon appraisal		800000		634000

The exchange was made, and based on the difference in appraised fair values, Wildhorse paid $166000 to Coronado. The exchange lacked commercial substance. The new land should be recorded on Coronado's books at