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Payo r Inc. and Recipient Co. have an exchange with no commercial...

Payo


r Inc. and Recipient Co. have an exchange with no commercial substance. The asset given up by Payor


Inc. has


a


book


valu


e


of P12,000 and a fair value of P15,000. The asset given up by Recipient Co. ha


s a book


value of P


20


,000 and


a


fa


ir valu


e of


P


19


,


000.


Boot of P4,000 is received by Recipient Co.


7.


What amount should Payor Inc. record for the asset received?


8.


What amount should Recipient Co. record for the asset received?

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usce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoree

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