Coronado Inc. and Wildhorse Co. have an exchange with no commercial substance. The asset given up by Coronado Inc. has a book value of $53000 and a fair value of $88000. The asset given up by Wildhorse Co. has a book value of $118000 and a fair value of $111000. Boot of $23000 is received by Wildhorse Co. What amount should Coronado Inc. record for the asset received? $118000 $76000 $111000 $88000

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