Testbank Multiple Choice Question 94 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 $105000. Boot of $25000 is received by Pharoah Co. What amount should Sheffield Inc. record for the asset received? $105000 $90000 $120000 o o $80000