Answer:
b.$106,000 $11,700
Step-by-step explanation:
Given that
Fair value = $101,500
Land and cash = $4,500
Book value = $89,800
The computation of record land-new and a gain/(loss) is shown below:-
Record Land New = Fair Value + Land and cash
= $101,500 + $4,500
= $106,000
Gain (loss) = Fair Value - Book value
= $101,500 - $89,800
= $11,700
Therefore the record of land new is $106,000 and gain is $11,700