10. Glen Inc. and Armstrong Co. have an exchange with me commercial substance. The asset given up by Glen Inc. has a book value of $72,000 and a fair value of $90,000. The asset given up by Armstrong Co. has a book value of $120,000 and a fair value of S114,000. Boot of 524,000 is received by Armstrong Co. What amount should Glen Inc. record for the asset received A) 590.000 B) 596,000 C) S114,000 D) S120,000 11. Glen Inc. and Armstrong Co. have an exchange with commercial substance. The asset ghres up by Glen Inc. has a book value of 572,000 and a fair value of S90,000. The asset given up by Armstrong Co. has a book value of $120,000 and a fair value of S114,000. Boot of 524,000 is received by Armstrong Co. What amount should Armstrong Co. record for the asset received? A) $90,000 B) 596,000 C) S114,000 D) S120,000 Pages 9. Dodson Cooper tradin g for automated pressing machin e 0.000 cash. The machine cost $465.000 d e les of SY5.000 The old machise M iss ,000 $10,000 Which of the followige is the correc journal entry to record The exchange s ine commercial s tance? A) Equipment 0.000 Loss on Disposal 35,000 Accumulated Depreciation Equipment 465.000 Cash 10.000 D) Equipment Equipment Cash C) Cash 304,000 200.000 40.000 80.000 100.000 8.000 110.000 Equipment . Loss on Disposal Accumulated Depreciation Equipment D) Equipment Accumulated Depreciation Equipment SOS,000 615,000 110.000 465,000 40.000