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What amount be reported as gain or loss on extinguishment

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Reference no: EM132881037

On December 31, 2016, Marie Company reported bonds payable of P7,360,000 and accrued interest payable of P200,000. The bonds are retired on December 31, 2016 for P8,160,000 excluding accrued interest.

Problem 1: What amount should be reported as gain or loss on extinguishment of bonds payable?

a. 800,000 gain
b. 800,000 loss
c. 600,000 gain
d. 600,000 loss

Reference no: EM132881037

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