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Question - ABC Company discounted its own promissory to the Lending Bank on January 1, 2020 which is a 5-year note amounting P4,000,000. The note bears 13% interest (payable every December 31). ABC is compliant with the terms of the note but at the end of the year 2021, not having able to full recover from the COVID-19 outbreak, ABC finds it tough cope up with its obligations becoming due in December 31, 2024. ABC arranged a debt restructuring term with the Lending Bank which it agrees. It accepted ABC's ordinary shares as a full settlement of its obligation. ABC hasn't paid the interest due for that year. A certificate was issued by ABC transferring 120,000 shares of stocks with P30 par value to the lender. ABC shares quoted price is not known at that time but, the effective interest rate relative to the financial liability is 14%. (General Instruction: Use 4-decimal PVF; use separator, no space, round off final answer to whole number). Determine the amount of gain arising from the equity swap.
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On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. What is the number of shares outstanding on December
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