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question 26

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Use the following information for questions.
Gabrielle Inc.and Lucci Company have an exchange with no commercial substance.The asset given up by Gabrielle has a book value of €120,000 and a fair value of €135,000.The asset given up by Lucci has a book value of €220,000 and a fair value of €200,000.Boot of €65,000 is received by Lucci.
-What amount should Gabrielle record for the asset received?


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