Question 35 Choose the correct answer from the choices. : Grabrille Inc. and Lucy Company have an exchange with no commercial substance. The asset given
Question 35 Choose the correct answer from the choices. : Grabrille Inc. and Lucy Company have an exchange with no commercial substance. The asset
given up by Gabrille has a book value of P120,000 and a fair value of P135,000. The asset given
up by Lucy has a book value of P220,000 and a fair value of P200,000. Cash of P65,000 is
received by Lucy.
amount should Gabrille record for the asset received? * G
185,000
135,000
110,000
200,000
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