Answer:
the amount that should be recorded as the asset is $96,000
Explanation:
The computation of the amount that should be recorded as the asset is given below:
Book value of assets given up = $72,000
Add : cash paid in exchange. $24,000
Amount recorded as an asset should be $96,000
We simply added the book value and the cash paid amount for an exchange
Therefore the amount that should be recorded as the asset is $96,000
