Sheridan Inc. and Carla Vista Co. have an exchange with no commercial substance. The asset given up by Sheridan Inc. has a book value of $52000 and a fair value of $87000. The asset given up by Carla Vista Co. has a book value of $117000 and a fair value of $102000. Boot of $22000 is received by Carla Vista Co. What amount should Carla Vista Co. record for the asset received?
a. $102000
b. $87000
c. $1,17000
d. $74,000
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Home » Business » Sheridan Inc. and Carla Vista Co. have an exchange with no commercial substance. The asset given up by Sheridan Inc. has a book value of $52000 and a fair value of $87000. The asset given up by Carla Vista Co.