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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 $37,006.

Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $37,006. The asset given up by Armstrong Co. has a book value of $56,908 and a fair value of $99,166. Boot of $11,635 is received by Armstrong Co. What amount should Armstrong record for the asset received?

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