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What is the effect of this gain from disposal

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Reference no: EM133045716

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(1) SBA Company agreed to pay debt by issuing 50,000 shares. The carrying amount of the bonds is 7,000,000 while its fair value is 7,800,000. Melchon share has a par value of 150 and is currently valued at 160 per share. Using the first priority of measurement, journal entry includes

a. Debit Bonds Payable 7,400,000

b. Debit Bonds Payable 7,000,000

c. Credit Share Premium 8,000,000

d. Debit Share Premium 6,000,000

(2) XZY Corporation disposed of one of its segments in the second quarter and incurred a gain from disposal of discontinued segment of P600,000, net of taxes. What is the effect of this gain from disposal of discontinued segment?

a. Increase net income from operations for the year by P600,000

b. Increase second quarter net income by P600,000

c. Increase each quarter's net income by P150,000

d. Increase each of the last three quarters' net income by P200,000

Reference no: EM133045716

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