'42. The cost of a nonmonetary asset acquired in exchange for another nonmonetary asset and the exchange has commercial substance is usually recorded at a. b. C. the fair value of the asset given up, and a gain or loss is recognized. the fair value of the asset given up, and a gain but not a loss may be recognized. the fair value of the asset received if it is equally reliable as the fair value of the asset given up. either the fair value of the asset given up or the asset received, whichever one results in the largest gain (smallest loss) to the company