How much should Honesty record the copyright

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Question - On July 1, 2020, Honesty Company exchanged 12,000 shares of its ordinary shares P10 par value held in treasury for a copyright owned by Integrity Company. The treasury shares were acquired in 2018 at a cost of P240,000. At the exchange date, Honesty's ordinary shares were quoted at P26 per share, and the copyright had a net carrying value of P270,000 in Integrity's books. How much should Honesty record the copyright?

Reference no: EM133032135

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