Marigold Football Co. had a player contract with Watts that is recorded in its books at $8350000 on July 1, 2020. Cullumber Football Co. had a player contract with Kurtz that is recorded in its books at $10750000 on July 1, 2020. On this date, Marigold traded Watts to Cullumber for Kurtz and paid a cash difference of $1075000. The fair value of the Kurtz contract was $12600000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in Marigold's books at O $10750000. O $11825000. O $9425000. O $12600000. e Textbook and Media Save for Later Attempts: 0 of 2 used Submit