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:

	Hager's Land	Shaw's Land
Book value	$192,000	$120,000
Fair value based upon appraisal	240,000	210,000

The exchange was made with the payment of proper amount of cash. The exchange lacked commercial substance. The new land should be recorded on Shaw's books at:

Multiple Choice

• $240,000

• $150,000

• $210,000

• $120,000