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Tom Inc. and Jerry Co. made an exchange with no commercial substance. The asset given up by Tom Inc. had a book value of $12,000

Tom Inc. and Jerry Co. made an exchange with no commercial substance.

The asset given up by Tom Inc. had a book value of $12,000 and a fair value of $15,000.

The asset given up by Jerry Co. had a book value of $20,000 and a fair value of $19,000.

Cash of $4,000 was received by Jerry Co.

Tom Inc. recorded the asset received at $ __________on its books and Jerry Co. recorded the asset received at $__________ on its books.

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