$1.$ FASB Codification: $845-10-30-1$In general, the accounting for nonmonetary transactions should be based on the fair values of the assets $($or services$)$ involved, which is the same basis as that used in monetary transactions. Thus, the cost of a nonmonetary asset acquired in exchange for another nonmonetary asset is the fair value of the asset surrendered to obtain it$,$ and a gain or loss shall be recognized on the exchange. The fair value of the asset received shall be used to measure the cost if it is more clearly evident than the fair value of the asset surrendered. Similarly, a nonmonetary asset received in a nonreciprocal transfer shall be recorded at the fair value of the asset received. A transfer of a nonmonetary asset to a stockholder or to another entity in a nonreciprocal transfer shall be recorded at the fair value of the asset transferred and a gain or loss shall be recognized on the disposition of the asset.$2.$ FASB Codification: $450-20-25-1$ and $450-20-25-2450-20-25-1$: $$When a loss contingency exists, the likelihood that the future event or events will confirm the loss or impairment of an asset or the incurrence of a liability can range from probable to remote. As indicated in the definition of contingency, the term loss is used for convenience to include many charges against income that are commonly referred to as expenses and others that are commonly referred to as losses. The Contingencies Topic uses the terms probable, reasonably possible, and remote to identify three areas within that range.$450-20-25-2$: $$An estimated loss from a loss contingency shall be accrued by a charge to income if both of the following conditions are met: a$.$ Information available before the financial statements are issued or are available to be issued $($as discussed in Section $855-10-25)$ indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements. Date of the financial statements means the end of the most recent accounting period for which financial statements are being presented. It is implicit in this condition that it must be probable that one or more future events will occur confirming the fact of the loss. b$.$ The amount of loss can be reasonably estimated. The purpose of those condi