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Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given...

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Accounting

Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $36,000 and a fair value of $45,000. The asset given up by Armstrong Co. has a book value of $60,000 and a fair value of $57,000. Boot of $12,000 is received by Armstrong Co. What amount should Armstrong Co. record for the asset received?

 $57,000

$60,000

$45,000

$48,000

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