Reference no: EM132763096
Facemask Company transferred real estate to Face Shield Company pursuant to a debt restructuring in full liquidation of Facemask Company's liability to Face Shield Company:
Carrying amount of liability liquidated P 1, 500, 000
Carrying amount of 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. P100, 000 b. P600, 000 c. P900, 000 d. P500, 000
Problem 2. Under USA GAAP, what amount should be reported as gain or loss on restructuring?
a. P500, 000 gain c. P100, 000 loss
b. P600, 000 d. -0-
Problem 3. Under USA GAAP, what amount should be reported as gain or loss on transfer of real estate?
a. P100, 000 gain c. P500, 000 gain
b. P600, 000 gain d. P100, 000 loss
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