Two independent companies, Vaughn Co. and Ivanhoe 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: The exchange was made, and based on the difference in appraised fair values, Ivanhoe paid \$58000 to Vaughn. The exchange lacked commercial substance. The new land should be recorded on Vaughn's books at