When accounting for asset exchanges,

Question 3 options:

A)	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.

B)	If a transaction lacks commercial substance, it is not recorded.

C)	When an exchange lacks commercial substance, either a gain or loss may be recognized.

D)	An asset cannot be recognized at more than its fair value.