Use the Following Information for Questions
Two Independent Companies

Multiple Choice

Use the following information for questions
Two independent companies, Mintz Co.and Pine Co., are in the home building business.Each owns a tract of land held for development, but each would prefer to build on the other's land.They agree to exchange their land.An appraiser was hired, and from her report and the companies' records, the following information was obtained: $$\begin{array} { l r r } & \text { Mintz's Land } & \text { Pine's Land } \\\text { Cost and book value } & \$ 192,000 & { \$ 120,000 }\\\text { Fair value based upon appraisal } & 240,000 & 210,000\end{array}$$ The exchange was made, and based on the difference in appraised fair values, Pine paid $30,000 to Mintz.The exchange lacked commercial substance.
-The new land should be recorded on Mintz's books at

A) $168,000.
B) $192,000.
C) $210,000.
D) $240,000.