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Horton Stores 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 that the exchange has commercial substance, What Horton would record land-new at and record a gain/(loss) of:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9101599

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