Multiple Choice Question 94 Concord Inc. and Pharoah Co. have an exchange with no commercial...
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Accounting
Multiple Choice Question 94 Concord Inc. and Pharoah Co. have an exchange with no commercial substance. The asset given up by Concord Inc. has a book value of $51500 and a fair value of $86500. The asset given up by Pharoah Co. has a book value of $116500 and a fair value of $101500. Boot of $15000 is received by Pharoah Co. What amount should Concord Inc. record for the asset received?
A$86500
B$101500
C$116500
D$73000
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