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What amount should recipient co record for asset received

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Reference no: EM132647578

Payor Inc. and Recipient Co. have an exchange with no commercial substance. The asset given up by Payor Inc. has a book value of P12,000 and a fair value of P15,000. The asset given up by Recipient Co. has a book value of P 20,000 and a fair value of P 19,000. Boot of P4,000 is received by Recipient Co.

Question 1: What amount should Payor Inc. record for the asset received?

Question 2: What amount should Recipient Co. record for the asset received?

Reference no: EM132647578

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