8430000 on July 1, 2020. Ivanhoe Football Co. had a player contract with Kurtz that is recorded in its books at $11150000 on July 1, 2020. On this date, Sheffield traded Watts to Ivanhoe for Kurtz and paid a cash difference of $1115000. The fair value of the Kurtz contract was $12600000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in S