Find what gain or loss on derecognition of note payable

Reference no: EM132700710

On january 1 20x1 an entity has oustanding note payable with carrying amount of P 1000 000. 1. On this date, the debtor agrees to receive equipment with historical cost of 1,800,000, accumulated depreciation of P 900,000 and fair Value of P 850,000 in full settlement of the note payable.

Requirements:

Problem a. what is the gain or loss on the derecognition of note payable.

Reference no: EM132700710

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