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Bonita Inc. and Sandhill Co. have an exchange with no commercial substance. The asset given up by Bonita Inc. has a book value of $52500

Bonita Inc. and Sandhill Co. have an exchange with no commercial substance. The asset given up by Bonita Inc. has a book value of $52500 and a fair value of $87500. The asset given up by Sandhill Co. has a book value of $117500 and a fair value of $102500. Boot of $22500 is received by Sandhill Co. What amount should Sandhill Co. record for the asset received?

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