In June 2017 Raiza Company acquired a machine in exchange for another machine with a...
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Accounting
In June 2017 Raiza Company acquired a machine in exchange for another machine with a cost of P1,200.000 and an accumulated depreciation of P600,000 and paid a cash difference of P160,000. The market value of Raiza's machine was P650.000. If the exchange has commercial substance, what would be the cost of the new asset acquired and the amount of gain to be recognized, respectively?
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