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What amount recognized as gain from debt for silingan co

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Problem 1: Silingan Company is experiencing financial difficulty and is negotiating debt restructuring with its creditor to relieve its financial stress. Silingan has a P2,500,000 note payable to Lebakero Bank. The bank accepted an equity swap in Silingan Company in the form of 200,000 ordinary shares quoted at P12 per share. The par value is P10 per share. What amount should be recognized as gain from the debt extinguishment as a result of the "equity swap"?

Reference no: EM132737306

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