Bonita Football Co. had a player contract with Watts that is recorded in its books at $8250000 on July 1, 2020. Sandhill Football Co. had a player contract with Kurtz that is recorded in its books at $10250000 on July 1, 2020. On this date, Bonita traded Watts to Sandhill for Kurtz and paid a cash difference of $1025000. The fair value of the Kurtz contract was $12600000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in Bonita's books at