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How much is the gain or loss on retirement of the bonds

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Question - On December 31, 2021, the liability section of ABC Company's statement of financial position included bonds payable of P10M and unamortized premium on bonds payable of P360,000. Further verification revealed that these bonds were issued on December 31,31,2018 and will become due on December 31, 2028. Interest at 12% is payable every June 30 and December 31.

On April 1, 2022, ABC retired P8,000,000 of these bonds at 97 plus accrued interest. How much is the gain or loss on retirement of the bonds on April 1, 2022?

Reference no: EM133037454

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