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What amount will be recorded for equipment

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Question - A building is acquired by issuing bonds payable with face amount of P5,000,000. At the time of acquisition, the fair value of the building is P6,000,000 and the quoted price of the bonds is P5,800,000. At what amount will the building be recorded?

A piece of furniture with cost of P600,000 and accumulated depreciation of P120,000 is exchanged for another equipment and cash of P20,000. The equipment has a fair value of P550,000. At the time of exchange, the furniture has a fair value of P530,000. What amount will be recorded for equipment if exchange is with commercial substance?

Reference no: EM133004213

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