Question
106. Ame, Inc, exchanged a truck with a carrying amount of 12,000 and a fair value of 20,000 for a truck and 5,000 cash. The
106. Ame, Inc, exchanged a truck with a carrying amount of 12,000 and a fair value of 20,000 for a truck and 5,000 cash. The fair value of the truck received was 15,000. At what amount should Ame record the truck received in the exchange?
- P12,000
- P15,000
- Answer not given
- P9,000
- P7,000
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
