Reference no: EM133091325
Question - Rose Corporation had an overdue 8% note payable to BPI Bank at P9,000,000 and accrued interest of P720,000. As a result of a restructuring agreement on Jan. 1, 2021, BPI Bank agreed to the following provisions:
The principal obligation is reduced to P7,500,000.
The accrued interest of P720,000 is forgiven.
The date of maturity is extended to Dec. 31, 2024.
Annual interest of 11% is to be paid for 4 years every Dec. 31.
The PV of 1 at 8% for 4 periods is 0.735 and the PV of an ordinary annuity of 1 at 8% for 4 periods is 3.31.
How much should be reported as gain from extinguishment of debt for 2021?
How much should be reported as interest expense for 2021?
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