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Manama Co. and Muharraq Co. have an exchange with no commercial substance. The asset given up by Manama has a book value $120,000 and a

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Manama Co. and Muharraq Co. have an exchange with no commercial substance. The asset given up by Manama has a book value $120,000 and a fair value of $135,000. The asset given up by Muharraq has a book value of $220,000 and a fair value of $200,000. Cash $65,000 is received by Muharraq. What amount should Manama record for the asset received? O A $200,000 B. $195,000 OC. $135,000 O D. $185,000

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