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What rising sun company should record the new inventory

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Reference no: EM132742685

During 2019, Rising Sun Company paid Php 700,000 and exchanged an equipment which has a carrying amount of Php 2,000,000 and a fair value of Php 2,100,000 for another equipment in the same line of business with fair value of Php 2,800,000.

Problem 1: If the exchange has the necessary commercial substance, Rising Sun Company should record the new inventory received at?

Problem 2: If the exchange lacks the necessary commercial substance, Rising Sun Company should record the inventory at?

Reference no: EM132742685

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