Jasper Football Co

question 51

Multiple Choice

Jasper Football Co.had a player contract with Larsen that is recorded in its books at $600,000 on July 1, 2010.Tex Football Co.had a player contract with Muller that is recorded in its books at $750,000 on July 1, 2010.On this date, Jasper traded Larsen to
Tex for Muller and paid a cash difference of $75,000.The fair value of the Muller contract was $900,000 on the exchange date.After the exchange, the Muller contract should be
Recorded in Jasper's books at

• A)$675,000.
• B)$750,000.
• C)$825,000.
• D)$900,000.