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How gain on disposal and gain for restructuring at

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Problem 1: Vante Co. is indebted to Renoir under a P400,000, 12%, three-year note dated December 31, 2020. Because of Vante's financial difficulties developing in 2022, Vante owed accrued interest of P48,000 on the note at December 31, 2022. Under a troubled debt restructuring, on December 31, 2022, Renoir agreed to settle the note and accrued interest for a tract of land having a fair value of P360,000. Vante's acquisition cost of the land is P290,000. Ignoring income taxes and following the US GAAP on its 2022 income statement Vante should report as a result of the troubled debt restructuring a gain on disposal and gain for restructuring at

Reference no: EM132647003

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