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Vaughn Football Co. had a player contract with Watts that is recorded in its books at $8420000 on July 1, 2025. Cullumber Football Co.

Vaughn Football Co. had a player contract with Watts that is recorded in its books at $8420000 on July 1, 2025. Cullumber Football Co. had a player contract with Kurtz that is recorded in its books at $11100000 on July 1, 2025. On this date, Vaughn traded Watts to Cullumber for Kurtz and paid a cash difference of $1110000. The fair value of the Kurtz contract was $12600000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in Vaughn's books at

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