Raptor Company Owns a Tract of Land That It Purchased

Multiple Choice

Raptor Company owns a tract of land that it purchased in 2008 for $200,000.The land is held as a future plant site and has a fair market value of $280,000 on July 1,2014.Talon Company also owns a tract of land held as a future plant site.Talon paid $360,000 for the land in 2013 and the land has a fair market value of $380,000 on July 1,2014.On this date,Raptor exchanged its land and paid $100,000 cash for the land owned by Talon.The exchange had commercial substance.At what amount should Raptor record the land acquired in the exchange?

A) $280,000
B) $300,000
C) $320,000
D) $380,000