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Sheffield Inc. and Pharoah Co. have an exchange with no commercial substance. The asset given up by Sheffield inc. has a book value of $55000

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Sheffield Inc. and Pharoah Co. have an exchange with no commercial substance. The asset given up by Sheffield inc. has a book value of $55000 and a fair value of $90000. The asset given up by Pharoah Co. has a book value of $120000 and a fair value of $115000. Boot of $25000 is received by Pharoah Co. What amount should Sheffield inc record for the asset received? $90000 $115000 $120000 $80000

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