Two independent companies, Hager Co. and Shaw 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: Cost and book value Fair value based upon appraisal Hager's Land Shaw's Land $576,000 $360,000 720,000 630,000 The exchange was made, and based on the difference in appraised fair values, Shaw paid $90,000 to Hager. The exchange lacked commercial substance. Record the journal entry for the new land on Hager's and Shaw's books.