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What abc co should record the cost of the machine received

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Question 1: ABC Co. exchanged a used machine with XYZ Co. for a similar machine with less use. ABC Co. machine has cost of P500,000, accumulated depreciation of P400,000 and market value of P400,000, at the time of exchange. XYZ Co. machine had cost of P600,000, book value of P300,000 and market value of P320,000 at the time of exchange. XYZ Co. gave ABC Co. P80,000 cash as part of the exchange. ABC Co. should record the cost of the machine received at

A. P80,000
B. P100,000
C. P160,000
D. P320,000
N. None of the above

Reference no: EM132867239

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