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What amount of gain on restructuring of debt be reported

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Reference no: EM132947863

Problem - The Willick Company is going through some financial problems in 2020. A group of creditors holding P1,000,000 of 14% debenture bonds issued by Willick agreed to accept 80,000 shares of P10 par common share in full payment of the obligation. Interest equivalent to one year period is still outstanding. Willick share has a market value of P12 per share in 2020. An unamortized premium of P15,000 for the P1,000,000 bonds is outstanding. What amount of gain on restructuring of debt should be reported by Willick in 2020?

Reference no: EM132947863

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