What amount should bts inc record for the asset received

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Problem 1: BTS Inc and TWICE Co. have an exchange with no commercial substance. The asset given up by BTS Inc has a carrying amount of P12,000 and a fair market value of P15,000. The asset given up by TWICE Co. has a carrying amount of P20,000 and a fair market value of P19,000. P4,000 is received by TWICE Co. What amount should BTS Inc record for the asset received?

Reference no: EM132999074

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