Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $72,000 and a fair value of $90,000. The asset given up by Armstrong Co. has a book value of $120,000 and a fair value of $114,000. $24,000 cash is received by Armstrong Co.

What amount should Armstrong Co. record for the asset received?

a. $90,000

b. $96,000

c. $114,000

d. $120,000

Please also include the journal entry to record this transaction. Thank you! (This has NO commercial substance, so the journal entry should not record a gain or loss)