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How much gain should herald recognize on the exchange

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Reference no: EM132960955

Problem 1: Herald Company received a used computer with a book value of P180,000 from Page Corporation for Herald Company's existing computer having a fair value of P160,000 and book value of P150,000 on its books and a cash of P40,000. The transaction has commercial substance. How much gain should Herald recognize on this exchange, and at what amount should the acquired computer be recorded, respectively?

a. P0 and P180,000

b. P10,000 and P200,000

c. P20,000 and P160,000

d. P40,000 and P200,000

Reference no: EM132960955

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