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What amount be reported as gain from change in fair value

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Problem 1: On January 1, 2020, Dessert Company issued 6% bonds with face amount of P6,000,000 for net proceeds of 5,516,400, a price that yields 8%. Interest is payable annually every December 31. The entity elected the fair value option. On December 31, 2020, the bonds are quoted at 95.What amount should be reported as gain/loss from change in fair value for 2020?

A. 483,600 loss
B. 183,600 gain
C. 483,600 gain
D. 183,600 loss

Reference no: EM132729345

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