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What amount should gabby record for the asset received

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Gabby Inc. and Dana Company have an exchange with no commercial substance. The asset given up by Gabby has a book value of P120,000 and a fair value of P135,000. The asset given up by Dana has a book value of P220,000 and a fair value of P200,000. Boot of P65,000 is received by Dana.

Problem 1: What amount should Gabby record for the asset received?

Problem 2: The journal entry made by Dana to record the exchange will include

Reference no: EM132829545

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