Sunland Inc. and Carla Vista Co$.$ have an exchange with commercial substance. The asset given up by Sunland has a book value of $$76000$ and a fair value of $$93000.$ The asset given up by Carla Vista has a book value of $$113000$ and a fair value of $$106000.$ Boot of $$13000$ is received by Carla Vista.

Carla Vista's journal entry to record the exchange will include

a debit to the asset account for $$113000.$

a debit to Loss on Disposal of $$7000$

a credit to the asset account for $$76000$

a debit to Cash of $$7000.$