Island and Lake Paradox

Paradox
An island is a body of land surrounded entirely by water.

A lake is a body of water surrounded entirely by land.

What if you had a planet whose northern hemisphere was all land, and whose southern hemisphere was all water?

Would you call the northern hemisphere an island, or would you call the southern hemisphere a lake?

Or would you say:
 * there is an island in the middle of a lake
 * which is in the middle of an island
 * which is in the middle of a lake
 * which is in the middle of an island
 * $\ldots$

?

Resolution
This paradox is an instance of a dialetheia.

Both of the main statements are true, as well as the statement derived from it.