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How much gain or loss is recognized from change

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Question - On January 1, 2021, Ice Cream Company issued bonds payable with face amount of P5600000 and 12% stated interest rate for P5.300,000. The bonds have a 5-year term and interest is payable annually every December 31. The entity elected the fair value option in measuring the bonds payable. On December 31, 2021, the fair value of the bonds is P5800000. It is reliably determined that 40% of the increase in fair value is attributable to credit risk. How much gain or loss is recognized from change in fair value?

Reference no: EM133176470

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