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8. Gabby Inc. and Dana Company have an exchange with no commercial substance. The asset given up by Gabby has a book value of P120,000

8. Gabby Inc. and Dana Company have an exchange with no commercial substance. The asset given up by Gabby has a book value of P120,000 and a fair value of P135,000. The asset given up by Dana has a book value of P220,000 and a fair value of P200,000. Boot of P65,000 is received by Dana. Question 1: What amount should Gabby record for the asset received? Question 2: The journal entry made by Dana to record the exchange will include

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