Pate paid $ 50,000 and gave a plot of undeveloped land with a carrying amount of $

Question:

Pate paid $ 50,000 and gave a plot of undeveloped land with a carrying amount of $ 320,000 and a fair value of $ 450,000 to Bizzell Co. in exchange for a plot of undeveloped land with a fair value of $ 500,000. The land was carried on Bizzell’s books at $ 350,000. The exchange is one that has commercial substance under U. S. GAP. At what amount is the land received from Pate recorded on Bizzell’s books?
a. $ 370,000
b. $ 320,000
c. $ 500,000
d. $ 450,000