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Compute the amount of gain or loss to Dubi Inc

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Reference no: EM132768386

Question - Dubi, Inc., which owes Dap Co. P800,000 in notes payable, is in financial difficulty. To eliminate the debt, Dap agrees to accept from Dubi land having a fair value of P610,000 and a recorded cost of P450,000.

Required -

(a) Compute the amount of gain or loss to Dubi, Inc. on the transfer (disposition) of the land.

(b) Compute the amount of gain or loss to Dubi, Inc. on the settlement of the debt.

(c) Prepare the journal entry on Dubi 's books to record the settlement of this debt.

Reference no: EM132768386

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