Business, 18.12.2019 03:31 mcclendoncassandra

Bloomington inc. exchanged land for equipment and $2,700 in cash. the book value and the fair value of the land were $105,400 and $89,900, respectively. assuming that the exchange has commercial substance, bloomington would record equipment and a gain/(loss) on exchange of assets in the amounts of: equipment gain/(loss) a. $ 87,200 $ 2,700 b. $ 105,400 $ (2,700 ) c. $ 87,200 $ (15,500 ) d. none of these answer choices are correct.

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Bloomington inc. exchanged land for equipment and $2,700 in cash. the book value and the fair value...

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