Question: Taks Co. exchanged an old machine ,costing P3,000,000 and 50% depreciated, for used machine and paid a cash difference of P500,000. The fair value of

Taks Co. exchanged an old machine ,costing P3,000,000 and 50% depreciated, for used machine and paid a cash difference of P500,000. The fair value of the old machine was determined to be P1,800,000. What amount should be recorded as cost of the machine in exchange

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