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What bloomington would record equipment on exchange of asset

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Bloomington Inc. exchanged land for equipment and $3,900 in cash. The book value and the fair value of the land were $104,100 and $89,900, 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.$86,000 $3,900
b.$104,100 $(3,900)
c.$86,000 $(14,200)

Reference no: EM132936293

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