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What amount should be reported as gain on sale of bond

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Reference no: EM132569951

Question 1: Olive Company purchased bonds at a discount of P100,000. Subsequently, the entity sold these bonds at a premium of P140,000. During the period that the entity held this investment, amortization of the discount amounted to P20,000. What amount should be reported as gain on sale of bonds?

Select one:

Option a. 240,000

Option b. 260,000

Option c. 120,000

Option d. 220,000

Reference no: EM132569951

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