The following data was taken from the books of Castanet and Bondat as they exchanged machines...

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The following data was taken from the books of Castanet and Bondat as they exchanged machines on July 1, 2021. It was determined that the exchange lacks commercial substance. In the book of Bondat, how much should machinery (new) be debited as dictated in par. 24 of PAS 16? * Original cost Accumulated depreciation (to date of exchange) Fair market value at date of exchange Cash paid by Castanets Cash received by Bondat Castanets' Asset P288,000 135,000 180,000 45,000 Bondat's Asset P330,000 156,000 225,000 45,000 The following data was taken from the books of Castanet and Bondat as they exchanged machines on July 1, 2021. It was determined that the exchange lacks commercial substance. In the book of Bondat, how much should machinery (new) be debited as dictated in par. 24 of PAS 16? * Original cost Accumulated depreciation (to date of exchange) Fair market value at date of exchange Cash paid by Castanets Cash received by Bondat Castanets' Asset P288,000 135,000 180,000 45,000 Bondat's Asset P330,000 156,000 225,000 45,000

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ANSWER To determine the amount by which machinery should be debited in Bondats books according to pa... View the full answer