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Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $35,627

Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $35,627 and a fair value of $46,985. The asset given up by Armstrong Co. has a book value of $73,179. Cash of $3,295 is received by Armstrong Co. What amount should Glen Inc. record for the asset received?

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