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7. James Company acquired the following equipments as follows: A truck in exchange for 15,000 of its own shares held in treasury. The P10 par value shares were acquired for P12 and were quoted at P18 while the truck's fair value was P245,000 at the time of the exchange. A mixer in exchange for 8,000 of James Company's P10 par value ordinary shares which were acquired for P15. The shares have a fair value of P18 per share while the mixer's fair value was P130,000. Question: The initial cost of equipment is? 8. Henry Company acquires equipment (EQ. 14) in exchange for equipment (EQ. 9) plus cash of P160,000. The carrying and fair value of EQ14 and EQ9 at the date of the exchange are as follows: EQ 14 EQ 9 Equipment P500,000 P320,000 Accumulated depreciation 175,000 180,000 Fair value of equipment 335,000 185,000 The configuration (risk, timing and amount) of the cash flows are determined to be significantly different. Questions: a. The initial cost of the new equipment is? b. The gain (loss) recognized in relation to the exchange is? 9. Regina Company acquires MC 24 in exchange for machine MC 10 plus cash of P5,000. The carrying and fair value of MC 24 and MC 10 at the date of the exchange are as follows: MC 24 MC10 Equipment (cost) P125,000 P120,000 Accumulated depreciation 30,000 40,000 Fair value of equipment 100,000 95,000 The difference in the configuration of the cash flows were insignificant. Questions: a. The initial cost of the new equipment is? b. The gain (loss) recognized in relation to the exchange is