Wildhorse Inc. and Blossom Co. have an exchange with commercial substance. The asset given up by Wildhorse has a book value of $68000 and a fair value of $8500. The asset given up by Blossom has a book value of $123000 and a fair value of $116000. Boot of $31000 is received by Blossom. Blossom's entry to record the exchange will include?

a. a credit to Gain on Disposal for $1348

b. a debit to Cash for $31000

c. a debit to Loss on Disposal for $1348

d. a credit to Equipment for $123000