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What is the cost of the machine acquired in the exchange

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Question - During the current year, Ewing Company exchanged an old packing machine, which cost P1,200,00 and was 50% depreciated, for another used machine and paid a cash difference of P160,000.

The fair value of the old packing machine was determined to be P700,000.

Q1. What is the cost of the machine acquired in the exchange?

a. 860,000

b. 700,000

c. 760,000

d. 540,000

Q2. What is the gain on exchange?

a. 540,000

b. 100,000

c. 60,000

d. 0

Reference no: EM132562640

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