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On December 31, 2020, UCPB Bank agreed to restructure a P900,000, 10% loan receivable from Wanda Corporation because of Wanda's financial problems. The debt was issued at par and at December 31, there was accrued interest of P60,000 for six months.
Terms of the restructuring agreement are as follows:
Reduce the loan from P900,000 to P600,000; Extend the maturity date of the loan by 2 years from December 31, 2020 to December 31, 2022; and, Reduce the interest rate from 10% to 8%.
Required:
Question 1. What amount of gain or loss from restructuring the loan will Wanda report for 2020?
Question 2. Compute the gain or loss that will be reported by UCPB Bank. Assume that the bank has not recognized an impairment before the restructuring.
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