Asset A is owned by TC and has a book value at December 31, 2021 of $9,000. TC exchanged Asset A and $60,000 cash with CE for Asset B. At December 31, 2021, the market value of Asset A is $20,000 and the list price of Asset B is $90,000. Assuming that these assets are dissimilar in nature, at what amount should Asset B be recorded by TC:

Question 29Select one:

a.

$80,000

b.

$69,000

c.

$70,000

d.

$90,000