Which of the following is an example of a non-monetary transaction that will be recognized at carrying value of the asset given up? Lori Co. (Lori) follows ASPE.

a. Lori gives up 100 shares in Steve Co. with a fair market value of $20,000 in exchange for a long-term note receivable of $18,000.

b. Lori gives up vacant land with a fair market value of $15,000 in exchange for 150 shares in Mickey Inc. The shares are not publicly traded and therefore, the more reliable measure of fair value is the land.

c. Lori Co. is in the business of selling kitchen appliances. Lori exchanged a refrigerator with a customer for future accounting services.

d. Lori gave up a vehicle with a fair value of $18,000 to a shareholder as payment for a dividend.