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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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