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Z Company swapped 4,000 shares of ordinary share capital ,P100 par value with Int'l Inc.' equipment. The equipment costs International P1,000,000 when purchased five years ago, and currently has a fair value of P560,000. The equipment has a recorded accumulated depreciation of P550,000 in the books of International. How much is the amount to record for the equipment

Z Company swapped 4,000 shares of ordinary share capital ,P100 par value with Int'l Inc.' equipment. The equipment costs International P1,000,000 when purchased five years ago, and currently has a fair value of P560,000. The equipment has a recorded accumulated depreciation of P550,000 in the books of International. How much is the amount to record for the equipment

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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Z Company swapped 4,000 shares of ordinary share capital ,P100 par value with Int'l Inc.' equipment. The equipment costs International P1,000,000 when purchased five years ago, and currently has a fair value of P560,000. The equipment has a recorded accumulated depreciation of P550,000 in the books of International.

How much is the amount to record for the equipment?

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