Two independent companies, Vaughn Co. and Cullumber 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:

		Vaughn's Land		Cullumber's Land
Cost and book value		$552000		$372000
Fair value based upon appraisal		736000		646000

The exchange was made, and based on the difference in appraised fair values, Cullumber paid $90000 to Vaughn. The exchange lacked commercial substance. The new land should be recorded on Vaughn's books at

A) 552,000

B) 646,000

C) 736,000

D) 484,500