Question
PLEASE ANSWER ASAP FOR UPVOTE/LIKE On July 1, 2021, PAOLO exchanged its non-monetary asset (equipment) with YEN's non-monetary asset (machinery). The following data were made
PLEASE ANSWER ASAP FOR UPVOTE/LIKE
On July 1, 2021, PAOLO exchanged its non-monetary asset (equipment) with YEN's non-monetary asset (machinery). The following data were made available:
PAOLO: Equipment P4,400,000 Accumulated depreciation 2,000,000 Fair value of the Equipment 3,000,000
YEN: Machinery P3,700,000 Accumulated depreciation 1,800,000 Fair value of the machinery 2,100,000
The exchange has significantly changed the cash flows of each entity.
How much is cost of the new asset of PAOLO?
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
