Horton Stores exchanged land and cash of $5,100 for similar land. The book value and the fair value of the land were $88,800 and $100,300, respectively. Assuming that the exchange lacks commercial substance, Horton would record land-new and a gain/(loss) of: Land Gain/(loss) a. $ 105,400 $ 0 b. $ 105,400 $ 11,500 c. $ 93,900 $ 0 d. $ 93,900 $ 11,500
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Horton Stores exchanged land and cash of $5,100 for similar land. The book value and the fair value...
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