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What should willy record the land acquired in the exchange

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Reference no: EM132826236

Willy Company owns a tract of land which it purchased in 2015 for P2,000,000. The land is held as a future plant site and has a fair market value of P3500000 on July 1, 2019. Mally Company also owns a tract of land held as future plant site. Mally paid P2500000 for the land in 2016 and the land has a fairvalye of P3,800000 on July 1, 2019. On this date, Willy exchanged its land and paid P400000 cash for the land owned by Mally. At what should Willy record the land acquired in the exchange?

Option 1: 3,900,000

Option 2: 3,500,000

Option 3: 3,800,000

Option 4: 3,400,000

Reference no: EM132826236

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