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On July 1, 2021. JULIA exchanged its non-monetary asset (equipment) with GERALD's non-monetary asset (machinery),...

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Accounting

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On July 1, 2021. JULIA exchanged its non-monetary asset (equipment) with GERALD's non-monetary asset (machinery), The following data were made available: JULIA: Equipment Accumulated depreciation Cash received from Gerald P4,400,000 2,000,000 500,000 GERALD Machinery Accumulated depreciation P3,700,000 1,800,000 500,000 Cash paid to Julia The transaction lacks commercial substance. How much is cost of the new asset of JULIA

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