Question: The basic principle used to value an asset acquired in a nonmonetary exchange is to value it at: Multiple Choice fair value of the asset

The basic principle used to value an asset acquired in a nonmonetary exchange is to value it at:
Multiple Choice
fair value of the asset(s) given.
the book value of the asset given plus any cash or other monetary consideration received.
fair value or book value, whichever is smaller.
book value of the asset given.

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