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How much is the gain on extinguishment of the debt

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Reference no: EM132756043

Question 1: On January 1, 2020, Setsuna Company settled a P1,000,000 loan payable with an unamortized discount of P20,000 and an accrued interest of P90,000 by transferring to the lender an old equipment with cost of P3,000,000 and accumulated depreciation of P2,200,000. The fair value of the equipment during the date of transaction was P900,000. How much is the gain on extinguishment of the debt?

Reference no: EM132756043

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