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Determine the amount of gain

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Question - A corporation authorized the sale of P3,000,000 12% 10-year debentures on January 1, 2015. Interest is payable on January 1 and July 1. The entire issue was sold on April 1, 2015, at P3,368,400 plus accrued interest.

The effective rate of interest on issue date for the bond was determined to be 10%. On April 1, 2020, 60% of the bond issue was reacquired and retired at 99 plus accrued interest. Determine the amount of gain (loss) on early retirement on April 1, 2020.

Reference no: EM132966240

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