Use the Following Information for Questions

question 61

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 Armstrong Co.record for the asset received?

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

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