Question 1 en and Armstrong co e o exchange with no comercial substance. The asser given up by Glen Inc has a book value of $36,000 (Orginal Cost of $50,000 ang crund Deprecation of 1400 and a law value of $45002 The asset give up by Armstrong co has a book value of $60,000 (Original Cost of $80,000 and Accumulated Con 1201001 and a fair value of 57.000. Madion Armstrong co receved Cash or 9.000 from Glen inc. What amount should Glen Inc. record for the asset 157000 C300