Presume that an asset exchange transaction does not culminate an earning process and that the transaction does not involve cash. In such a case: Multiple Choice the assets acquired are recorded at the book value of the assets relinquished. a gain will be recognized only when the fair value of the acquired assets exceeds the book value of the relinquished assets. a loss will be recognized only when the fair value of the acquired assets exceeds the book value of the relinquished assets. a gain will be recognized only when the fair value of the acquired assets exceeds the fair value of the relinquished assets