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What amount should the new equipment be recorded

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Reference no: EM132867207

Problem 1: ABC Co. traded a used equipment with a book value of P6,800 and a fair market value of P9,200 for a new similar equipment with a list price of P71,200. ABC Co. agreed to pay P52,000 in cash for the exchange in addition to giving up the used equipment. At what amount should the new equipment be recorded?

a. P71,200
b. P61,200
c. P58,800
d. None of the choices

Reference no: EM132867207

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