Bramble Football Co$.$ had a player contract with Watts that is recorded in its books at $$8280000$

on July $1,2025.$ Cullumber Football Co$.$ had a player contract with Kurtz that is recorded in its

books at $$10400000$ on July $1,2025.$ On this date, Bramble traded Watts to Cullumber for Kurtz

and paid a cash difference of $$1040000.$ The fair value of the Kurtz contract was $$12600000$ on

the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz

contract should be recorded in Bramble's books at