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Morte Company showed the following data with respect to a currently maturing obligation:
Notes payable P1,000,000
Accrued interest payable 80,000
The company is threatened with a court suit if it could not pay its maturing debt. Accordingly, the company entered into an agreement with the creditor for the issuance of share capital in full settlement of the note.
The agreement provided for the issue of 20,000 shares with par value of P30. These shares are currently quoted at P45. The fair value of the liability is P950,000.
Problem 1: How much should Morte Company recognize as gain on extinguishment of debt?
Problem 2: Assuming both the quoted price of the shares and the fair value of the liability are unavailable, how much should Morte Company recognize as gain on extinguishment of debt?
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