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What amount should be reported as gain on the retirement

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Question - On December 31, 2019, LLanderal Company reported 9% bonds payable due December 31, 2024 with a carrying amount of P15,405,000.

The bonds were issued on December 31, 2015 and had a face amount of P15,000,000 with interest payable semiannually on June 30 and December 31.

On December 31, 2019 the entity retired P5,000,000 of these bonds at 99.

What amount should be reported as gain on the retirement of bonds for 2019?

Reference no: EM132968853

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