20. Colt Football Co. had a player contract with Watts that is recorded in its books at $4,800,000 on July 1, 2012. Day Football Co. had a player contract with Kurtz that is recorded in its books at $6,000,000 on July 1, 2012. On this date, Colt traded Watts to Day for Kurtz and paid a cash difference of $600,000. The fair value of the Kurtz contract was $7,200,000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in Colt's books at A) $7,200,000. B) $6,000,000. C) $6,600,000. D) $5,400,000