Current Attempt in Progress

Crane Inc. and Cullumber Co$.$ ?have an exchange with commercial substance. The asset given up by Crane has a book value of $$65000$ ?and a fair value of $$83000.$ ?The asset given up by Cullumber has a book value of $$131000$ ?and a fair value of $$125000.$ ?Boot of $$42000$ ?is received by Cullumber.

Cullumber's journal entry to record the exchange will include

a credit to the asset account for $$65000$

a debit to Cash of $$6000.$

a debit to the asset account for $$131000.$

a debit to Loss on Disposal of $$6000$