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What the initial cost of equipment is

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Reference no: EM132781348

James Company acquired the following equipments as follows:

  • A truck in exchange for 15,000 of its own shares held in treasury.
  • The P10 par value shares were acquired for P12 and were quoted at P18 while the truck's fair value was P245,000 at the time of the exchange.
  • A mixer in exchange for 8,000 of James Company's P10 par value ordinary shares which were acquired for P15. The shares have a fair value of P18 per share while the mixer's fair value was P130,000.

Problem 1: The initial cost of equipment is?

Reference no: EM132781348

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