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UnusualKc2358
15.07.2020 •
Business
Horton Stores exchanged land and cash of $4,400 for similar land. The book value and the fair value of the land were $88,400 and $100,500, respectively. Assuming that the exchange has commercial substance, Horton would record land-new and a gain/(loss) of: Land Gain/(loss) a. $ 104,900 $ 0 b. $ 104,900 $ 12,100 c. $ 92,800 $ 0 d. $ 92,800 $ 12,100
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