Use the following information for the nexct two (2) questions: On July 1, 2017. Banded Water Company traded in an old machine with a carrying amount of P10,000 for a similar new machine having a cash price of P32.000, and paid a cash difference of P19,000. 18) How much should the property be initially recognized? A. 32.000 B. 29,000 c. 22,000 D. 19,000 19) How much is the gain or loss from the trade in transactions? В. 3.000 A. None С. 7.000 D. 10,000

Use the following information for the nexct two (2) questions: On July 1, 2017. Banded Water Company traded in an old machine with a carrying amount of P10,000 for a similar new machine having a cash price of P32.000, and paid a cash difference of P19,000. 18) How much should the property be initially recognized? A. 32.000 B. 29,000 c. 22,000 D. 19,000 19) How much is the gain or loss from the trade in transactions? В. 3.000 A. None С. 7.000 D. 10,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5PA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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