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Prepare the journal entry that amy would make

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Question - AMY CORPORATION is having financial difficulty and therefore has asked Penny Bank to restructure its P3 million note outstanding. The present note has 3 years remaining and pays a current rate of interest of 12%. The note was issued at its face value.

Penny Bank agrees to accept land in exchange for relinquishing its claim on this note; The land has a book value of P2,000,000 and a fair value of P2,500,000. Prepare the journal entry that Amy would make for the debt restructuring.

Reference no: EM133182492

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