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Prepare the journal entries on the books of diona company

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Diona company is experiencing financial difficulty and is negotiating debt restructuring with its creditor to relieve its financial distress. Diona has a 2 500 000 note payable to North Bank. The bank accepted an equity interest in Diona Comapny in the form of 200 000 ordinary shares quoted at P12 per share. The par value is P10 per share. The fair value of the not epayable on the date of restructuring is 2 200 000.

Required:

Problem 1: prepare the journal entries on the books of Diona Company to record the settlement of note payable;

1.1 if the fair value of the equity instrument is used.
1.2 if the fair value of the liability is used.
1.3 if the carrying amount of the financial liability is used

Reference no: EM132793343

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