Question: April Corporation paid P100,000 cash for the net assets of May Company, which consisted of the following: Current assets: Book value - P20,000, Fair Value

April Corporation paid P100,000 cash for the net assets of May Company, which consisted of the following: Current assets: Book value - P20,000, Fair Value - P28,000; Property and equipment: Book Value - 80,000, Fair Value - 110,000; Liabilities assumed: Book value - P20,000, Fair value - 18,000. The property and equipment acquired in the business combination should be recorded at?

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