Reference no: EM133072679
PROBLEM 1 - On January 1, 2021, an entity has an outstanding note payable with carrying amount of P1,000,000.
On this date, the debtor agrees to receive equipment with historical cost of P1,800,000, accumulated depreciation of P900,000 and fair value of P850,000 in full settlement of the note payable.
Requirement -
1. Compute for the gain or loss on derecognition of the note payable.
2. Provide the entry to record derecognition of note payable.
PROBLEM 2 - On January 1, 2021, an entity has an outstanding note payable with carrying amount of P2,000,000.On this date, the debtor agrees to give 10,000 shares of the entity with par value per share of P20 in full settlement of the note payable. The shares are currently selling at P105 per share.
Requirement -
1. Compute for the gain or loss on derecognition of the note payable.
2. Provide the entry to record derecognition of note payable.
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