When accounting for asset exchanges, O when an exchange lacks commercial substance, either a gain or...

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When accounting for asset exchanges, O when an exchange lacks commercial substance, either a gain or loss may be recognized. if the fair values of either the asset given up or the asset received cannot be ascertained, then the Board of Directors may assign an arbitrary value. O if a transaction lacks commercial substance, it is not recorded. an asset cannot be recognized at more than its fair value. When accounting for asset exchanges, O when an exchange lacks commercial substance, either a gain or loss may be recognized. if the fair values of either the asset given up or the asset received cannot be ascertained, then the Board of Directors may assign an arbitrary value. O if a transaction lacks commercial substance, it is not recorded. an asset cannot be recognized at more than its fair value.