Payo

r Inc. and Recipient Co. have an exchange with no commercial substance. The asset given up by Payor

Inc. has

a

book

valu

e

of P12,000 and a fair value of P15,000. The asset given up by Recipient Co. ha

s a book

value of P

20

,000 and

a

fa

ir valu

e of

P

19

,

000.

Boot of P4,000 is received by Recipient Co.

7.

What amount should Payor Inc. record for the asset received?

8.

What amount should Recipient Co. record for the asset received?