Parr Company traded in a used delivery truck with a carrying amount of P54,000 fora new delivery truck having a list price of P160,000 and paid a cash difference to the dealer of P75,000. The used truck has a fair value of P60,000 on the date of the exchange. At what amount should the new truck be recorded on Parr's books? O P135,000 O P160,000 O P129.000 O P106,00O

Parr Company traded in a used delivery truck with a carrying amount of P54,000 fora new delivery truck having a list price of P160,000 and paid a cash difference to the dealer of P75,000. The used truck has a fair value of P60,000 on the date of the exchange. At what amount should the new truck be recorded on Parr's books? O P135,000 O P160,000 O P129.000 O P106,00O

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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