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What amount should Ivanhoe Co record for the asset received

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Question - Marigold Inc. and Ivanhoe Co. have an exchange with no commercial substance. The asset given up by Marigold Inc. has a book value of $51000 and a fair value of $86000. The asset given up by Ivanhoe Co. has a book value of $116000 and a fair value of $101000. Boot of $15000 is received by Ivanhoe Co. What amount should Ivanhoe Co. record for the asset received?

Reference no: EM132801753

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