Vaughn Inc. and Cullumber Co. have an exchange with no commercial substance. The asset given up by Vaughn Inc. has a book value of $61000 and a fair value of $96000. The asset given up by Cullumber Co. has a book value of $126000 and a fair value of $111000. Boot of $31000 is received by Cullumber Co. What amount should Vaughn Inc. record for the asset received?     $126000   $96000   $111000   $92000

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