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Posted on Jun 17, 2024

MarigoldInc. andIvanhoeCo. have an exchange with no commercial substance. The asset given up byMarigoldInc. has a book value of $51000and a fair value of $86000.

MarigoldInc. andIvanhoeCo. have an exchange with no commercial substance. The asset given up byMarigoldInc. has a book value of $51000and a fair value of $86000. The asset given up byIvanhoeCo. has a book value of $116000and a fair value of $101000. Boot of $15000is received byIvanhoeCo.

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

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