Use the Following Information for Questions

question 26

Multiple Choice

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?

• A)€110,000
• B)€135,000
• C)€185,000
• D)€200,000