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What is gain or loss on the derecognition of note payable

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Reference no: EM132678112

On january 1 20x1 an entity has oustanding note payable with carrying amount of P 1,000,000.

  • On this date, the debtor agrees to receive equipment with historical cost of 1,800,000, accumulated depreciation of P 900,000 and fair Value of P 850,000 in full settlement of the note payable.

Problem A. What is the gain or loss on the derecognition of note payable?

Reference no: EM132678112

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