Question: Answer is B, please explain why 1) Beacon Inc. exchanged land and cash of $4100 for similar land. The book value and the fair value

Answer is B, please explain why 1) Beacon Inc. exchanged land and

Answer is B, please explain why

1) Beacon Inc. exchanged land and cash of $4100 for similar land. The book value and the fair value of the land were $89,800 and $100,100, respectively. Assuming that the exchange has commercial substance, the company would record land-new and a gain/(loss) on the exchange of assets in the amounts of

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