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When an asset is acquired through an exchange of another asset, and the fair value and book value of both assets is known, the asset
When an asset is acquired through an exchange of another asset,
and the fair value and book value of both assets is known, the
asset acquired should be recorded at the:
fair value of asset surrendered.
amount of cash paid only.
fair value of asset received plus cash paid, if any.
book value of asset received.
book value of asset surrendered.
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