Wildcat Baseball Company Had a Player Contract with Carter That $\begin{array}{cc}&&\text {Wildcat} &&\text { Aggie} \\\end{array}$

Multiple Choice

Wildcat Baseball Company had a player contract with Carter that was recorded in its accounting records at $5,800,000. Aggie Baseball Company had a player contract with Jeter that was recorded in its accounting records at $5,600,000. Wildcat traded Carter to Aggie for Jeter by exchanging each player's contract. The fair value of each contract was $6,000,000. What amount should be shown in the accounting records after the exchange of player contracts?
$\begin{array}{cc}&&\text {Wildcat} &&\text { Aggie} \\\end{array}$

A) $\begin{array}{cc} \$ 5,600,000 &\$ 5,600,000 \\\end{array}$
B) $\begin{array}{cc} \$ 5,600,000 &\$ 5,800,000 \\\end{array}$
C) $\begin{array}{cc} \$ 5,800,000 & \$5,600,000 \\\end{array}$
D) $\begin{array}{cc}\$ 6,000,000& \$ 6,000,000 \\\end{array}$