Bloomington Inc. exchanged land for equipment and $3,300 in cash. The book value and the fair value of the land were $104,600 and $88,900, 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. $ 85,600 $ 3,300 b. $ 104,600 $ (3,300 ) c. $ 85,600 $ (15,700 ) d. None of these answer choices are correct.
Multiple Choice

Option A


Option B


Option C


Option D