Question: 9. A nonmonetary asset was received by Company Y in a nonreciprocal transfer from Company Z that has commercial substance. The asset should be recorded

9. A nonmonetary asset was received by Company Y in a nonreciprocal transfer from Company Z that has commercial substance. The asset should be recorded by Y at

a. Z’s recorded amount.

b. Z’s recorded amount or the fair value of the asset received, whichever is higher.

c. Z’s recorded amount or the fair value of the asset received, whichever is lower.

d. The fair value of the asset received.

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