Please explain aboug your asnwer. Sheridan Corp. exchanged similar pieces of equipment with Elongo Corp. No cash was exchanged. Since this exchange will not significantly change the economic position of either company, this transaction lacks commercial substance. At this time, the carrying amount of Sheridan's asset is $37300, while the carrying amount of Elongos asset on their books is $33500. However, it has been reliably determined that the fair value of Sheridans asset is $37500, while the fair value of Elongos asset is $36800. Given these facts, at what amount should Sheridan record the asset it receives from Elongo?

$37300

$36800

$37500

$33500