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Question - On January 1, 2015, marikit COMPANY purchased P2,000,000 face value bonds at a price of P1,824,800 which will yield an interest rate of 10%. The nominal interest rate on the bonds is 8% payable annually every December 31. The company's business model is to collect contractual cash flows that are solely payments of principal and interest.
On December 31, 2016, marikit Company change the business model in managing the bonds from collecting contract cash flows that are solely payments of principal and interest to realizing short term gains. The market value of the bonds on January 1, 2017, is 105.
On reclassification date, what amount of gain on reclassification of financial asset should be recognized by Elegro Company?
A. P187,200
B. 0
C. P247,992
D. P120,000
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