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What amount should Carolyne include in profit or loss

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Question - Carolyne has an overdue Notes Payable to Coronel with face amount of P10,000,000 and accrued interest on Dec 31, 2014 of P1,000,000 based on 10% interest rate. Because of financial difficulty, Carolyne offered Coronel to settle the obligation by issuing 150,000 shares of its ordinary share capital. The par value of each share is P50 and the market value on this date is P65. Coronel accepted the offer. What amount should Carolyne include in profit or loss for the year 2014 as a result of the settlement of the obligation?

Reference no: EM132726472

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