Two independent companies, Mintz Co. and Pine 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: Mintz's Land Pine's Land Cost and book value $ 192,000 $120,000 Fair value based upon appraisal 240,000 210.000 The exchange was made, and based on the difference in appraised fair values, Pine paid $30,000 to Mintz. The exchange lacked commercial substance. 94. The new land should be recorded on Pine's books at a. $120,000 b. $150,000. c. $210,000. d. $240,000