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How much is cost of the new asset of PAOLO

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Question - 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.

Required - How much is cost of the new asset of PAOLO?

Reference no: EM133074589

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