Final answer:
Glen Inc. should record the asset received at $114,000, which is the fair value of the asset given up, plus the boot paid, in a non-commercial substance exchange transaction.
Step-by-step explanation:
The amount that Glen Inc. should record for the asset received in an exchange with Armstrong Co. where no commercial substance exists would typically be the fair value of the asset given up, plus any boot paid. In this case, Glen Inc. gives up an asset with a fair value of $90,000 and pays $24,000 in boot. Therefore, the asset received from Armstrong Co. is recorded at the fair value of the asset given up plus the boot paid, which totals $114,000 ($90,000 + $24,000).
However, because Armstrong Co. receives boot, it indicates that the exchange had commercial substance for them. The accounting for such a transaction becomes more complicated because now we need to consider whether we would subtract the boot received by Armstrong Co. from the fair value of the asset given up by Glen Inc. If we were to adjust for the boot received, we would still use the fair value of the asset given up by Glen Inc. because under most accounting standards, including U.S. GAAP, the fair value of the asset given plus the boot paid is considered for assets exchanged in a no commercial substance transaction.
Therefore, the correct answer for the amount Glen Inc. should record for the asset received is $114,000 (Option c).