Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given...
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Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $18,173 and a fair value of $20,055. The asset given up by Armstrong Co. has a book value of $34,798. Armstrong receives $2,116 cash. What amount should Armstrong Co. record for the asset received?
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