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How much should the property be initially recognized

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Reference no: EM132811155

On July 1, XYZ traded in an old machine with a book value of P10 000 for a similar new machine having a cash price of P32 000, and paid a cash difference of P19 000. XYZ recorded the new machine at the cash payment made.

Problem 1: How much should the property be initially recognized?

Reference no: EM132811155

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