our company exchanged land and cash of $5,000 for similar land. The book value and the fair value of the…

our company exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming the exchange lacks commercial substance, which amount is correct?

"Is this question part of your assignment? We can help"

ORDER NOW