Use the Following Information for Questions

question 38

Multiple Choice

Use the following information for questions.
Glen Inc.and Armstrong Co.have an exchange with no commercial substance.The asset given up by Glen Inc.has a book value of $12,000 and a fair value of $15,000.The asset given up by Armstrong Co.has a book value of $20,000 and a fair value of $19,000.Boot of $4,000 is received by Armstrong Co.
-What amount should Glen Inc.record for the asset received?

• A)$15,000
• B)$16,000
• C)$19,000
• D)$20,000

---

Definitions:

Protozoans

Diverse group of unicellular eukaryotic organisms, often considered as "animal-like" protists, that inhabit water or soil.

Heterotrophic

Heterotrophic organisms are those that obtain their food and energy by consuming other organisms or organic matter because they cannot synthesize their own food.

Autotrophic

Organisms capable of producing their own food from inorganic substances using light or chemical energy.

Chalky Fossils

Fossils composed primarily of calcium carbonate making them appear white and chalk-like in texture.