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What amount should Bonita Inc record for the asset received

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Question - Bonita Inc. and Sandhill Co. have an exchange with no commercial substance. The asset given up by Bonita Inc. has a book value of $52500 and a fair value of $87500. The asset given up by Sandhill Co. has a book value of $117500 and a fair value of $102500. Boot of $22500 is received by Sandhill Co.

What amount should Bonita Inc. record for the asset received?

a. $87500

b. $102500

c. $117500

d. $75000

Reference no: EM132609947

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