Concord Inc
Subject:AccountingPrice:2.87 Bought7
Concord Inc. and Ivanhoe Co. have an exchange with no commercial substance. The asset given up by Concord Inc. has a book value of $58000 and a fair value of $93000. The asset given up by Ivanhoe Co. has a book value of $123000 and a fair value of $108000. Boot of $28000 is received by Ivanhoe Co.What amount should Concord Inc. record for the asset received?
$86,000
$108,000
$93,000
$123,000
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