Question: Help Save & Exit Submit Horton Stores exchanged land and cash of $4,900 for similar land. The book value and the fair value of

Help Save & Exit Submit Horton Stores exchanged land and cash of$4,900 for similar land. The book value and the fair value of

Help Save & Exit Submit Horton Stores exchanged land and cash of $4,900 for similar land. The book value and the fair value of the land were $89300 and $101,600, respectively. Assuming that the exchange lacks commercial substance. Horton would record land-new and a gain/(loss) of a. Gain/(loss) 0 b. Land $106,500 $106,500 $ $12,500 C. $ 94,000 $ 0 d. $ 94,000 $12,500 Multiple Choice Option A < Prev 8 of 23 Next > 9:40 PS AND

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