Mirabel Company has an old equipment that cost P700,000 with an accumulated depreciation of P400,000. The equipment was traded in for a new machine that had a list price of P800,000. However, the new machine could be purchased without trade in for P780,000 cash. Mirabel paid P500,000 cash in the exchange. At how much should Mirabel record the newly acquired machine

Mirabel Company has an old equipment that cost P700,000 with an accumulated depreciation of P400,000. The equipment was traded in for a new machine that had a list price of P800,000. However, the new machine could be purchased without trade in for P780,000 cash. Mirabel paid P500,000 cash in the exchange. At how much should Mirabel record the newly acquired machine

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Description: Mirabel Company has an old equipment that cost P700,000 with an accumulated depreciation of P400,000. The equipment was traded in for a new machine that had a list price of P800,000. However, the new machine could be purchased without trade in for P

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 14PB: Garcia Co. owns equipment that costs $150,000, with accumulated depreciation of $65,000. Garcia...

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