55. Jet Stream, Inc. and Sonic Corp., conduct an exchange with commercial substance. The equipment given up by Jet Stream had a historical cost of $1,000,000 and accumulated depreciation to date of $800,000. The fair value of the equipment given to Sonic by Jet Stream was $300,000. The fair value of the equipment that Jet Stream acquired is not known. The asset given up by Sonic Corp. and acquired by Jet Stream has a book value of $120,000 on Sonic's books. Cash of $860,000 is also received by Sonic Corp. from Jet Stream in the exchange. Using this information, what amount should Jet Stream record for the asset? a $120,000 b. $1,800,000 c. $1,160,000 d. $1,860,000 e. $100,000