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What is the amount of gain or loss should JKL Ban recognize

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Question - On July 30, 2013, JKL Ban trades in an old Mercedes Benz for a new one. The old Benz is carried in the Books at its net book value of P100,000. The cash purchase price of a new Benz is P250,000. JKL Ban pays P120,000. The exchange is considered with necessary commercial substance. What is the amount of gain or loss should JKL Ban recognize?

Reference no: EM133142951

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