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What amount should be report as gain on extinguishment

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Reference no: EM132881002

The following information pertains to the transfer of real estate pursuant to a debt restructuring by Knob Company to Men Company in full liquidation of Knob's liability to Men: Carrying amount of liability liquidated 1,500,000 Carrying amount real estate transferred 1,000,000 Fair value of real estate transferred 900,000

Problem 1: Under IFRS, what amount should be reported as gain on extinguishment of liability?

a. 600,000

b. 500,000

c. 100,000

d. 900,000

Reference no: EM132881002

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