Multiple Choice Question 94 Concord Inc. and Pharoah Co. have an exchange with no commercial substance. The asset given up by Concord Inc. has a book value of $51500 and a fair value of $86500. The asset given up by Pharoah Co. has a book value of $116500 and a fair value of $101500. Boot of $15000 is received by Pharoah Co. What amount should Concord Inc. record for the asset received?

A$86500

B$101500

C$116500

D$73000