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How much was the amount paid to complete the transaction

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1. A company purchased land by signing a note with the seller, requiring down payment of P100,000, payment of P120,000 one year from purchase, and P80,000 three years from purchase. The note is non-interest bearing, but the going rate of similar notes is 10%. Present value of 1 at 10% for 1 period is 0.91. Present value of 1 at 10% for 3 periods is 0.75.

2. Zhane Company exchanged a car from its inventory for a computer system to be used in its technological upgrading project. The following information relates to this exchange that took place on July 16, 2021.

Listed selling price of the car-900,000

FV of the computer system-860,000

Carrying amount of the car-600,000

If Zhane Company recognized a gain on this exchange of P160,000, how much was the amount paid to complete the transaction?

a. 100,000

b. 260,000

c. 140,000

d. Cannot be determined

Reference no: EM133124110

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