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What bloomington would record equipment and a gain

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Bloomington Inc. exchanged land for equipment and $2,400 in cash. The book value and the fair value of the land were $104,200 and $89,400, respectively.

Problem 1: 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. $87,000                $2,400

b. $104,200            $(2,400)

c. $87,000         $(14,800)

d. None of these answer choices are correct.

Reference no: EM132827709

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