Line Company exchanged a car from its inventory for a computer system to be used in its technological upgrading project. The following information relates to this exchange that took place on July 16, 2021. Listed selling price of the car-900,000 FV of the computer system-860,000 Carrying amount of the car-600,000 If Line Company recognized a gain on this exchange of P160,000, how much was the amount paid to complete the transaction?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Line Company exchanged a car from its inventory for a computer system to be used in its technological upgrading project. The following information relates to this exchange that took place on July 16, 2021.

Listed selling price of the car-900,000
FV of the computer system-860,000
Carrying amount of the car-600,000

If Line Company recognized a gain on this exchange of P160,000, how much was the amount paid to complete the transaction?

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