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What amount should robert inc record for the asset received

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Question - Robert Inc. and Odree Inc have an exchange with no commercial substance. The asset given up by Robert has a book value of P120,000 and a fair value of P135,000. The asset given up by Odree has a book value of P220,000 and a fair value of P200,000. P65,000 is received by Odree during the exchange. What amount should Robert Inc. record for the asset received?

Reference no: EM133178864

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