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What amount should oriole inc record for the asset received

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Question

Oriole Inc. and Sandhill Co. have an exchange with no commercial substance. The asset given up by Oriole Inc. has a book value of $56000 and a fair value of $91000. The asset given up by Sandhill Co. has a book value of $121000 and a fair value of $106000. Boot of $15000 is received by Sandhill Co.

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

Reference no: EM132316656

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