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What is the entry to record decognition of the note payable

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Reference no: EM132678113

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

  • On this day, the debtor agrees to receive 10,000 shares of the entity with par value per share of P10 in full settlement of the note payable. the shares are currently selling at P75 per shares.

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

Problem B. What is the entry to record the decognition of the note payable?

Reference no: EM132678113

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