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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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significantly different from the cash flows of the old truck. P200,000 cash. The fair value of the truck received was Amiable Company exchanged a truck with a carrying amount of P1,200,000 and a fair value of P2,000,000 for a truck and Problem 23-20 (AICPA Adapted) a P1,800,000. de cash flows from the new truck are not expected to be . At what amount should the truck received in the exchange be recorded? a. 2,000,000 b. 1,400,000 c. 1,000,000 d. 1,800,000 2 What is the gain on exchange? a. 800,000 b. 600,000 c. 200,000 d.
Transcribed Image Text:significantly different from the cash flows of the old truck. P200,000 cash. The fair value of the truck received was Amiable Company exchanged a truck with a carrying amount of P1,200,000 and a fair value of P2,000,000 for a truck and Problem 23-20 (AICPA Adapted) a P1,800,000. de cash flows from the new truck are not expected to be . At what amount should the truck received in the exchange be recorded? a. 2,000,000 b. 1,400,000 c. 1,000,000 d. 1,800,000 2 What is the gain on exchange? a. 800,000 b. 600,000 c. 200,000 d.
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