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What is the gain on sale of the warrants

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Reference no: EM132956149

Question - Dancer Co. purchased 40,000 shares of Lancer Co.'s newly issued 6%, cumulative preference share P50 par for P3,040,000 on May 9, 2014. Each share carried one detachable warrants, entitling the holder to acquire at P60 one share of Lancer OS. On May 9, 2014, the market price of preference share ex warrant was P69/share and the market price of the share warrant was P6 per warrant. On Dec 31, 2014, Dancer sold stock warrants for P295,000. What is the gain on sale of the warrants?

Reference no: EM132956149

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