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The following data are relevant to an exchange of nonmonetary assets by Leo Co. with Tip Co.: Asset Given by Leo Asset Received by Leo
The following data are relevant to an exchange of nonmonetary assets by Leo Co. with Tip Co.:
| Asset Given by Leo | Asset Received by Leo | |
| Fair value | $9,000 | $12,000 |
| Carrying amount | 4,000 | 10,000 |
Leo also gave $3,000 in boot. At what amount should Leo record the new asset?
Group of answer choices
$15,000
$12,000
$7,000
$9,000
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