Reference no: EM133170450
Questions -
Q1. At December 31, 2016, Frost Company had outstanding P3,000,000, 12% note payable to Freeze Bank dated January 1, 2012. The note was due on December 31, 2017 which interest every December 31.
During 2017, Frost notified Freeze Bank that it might be unable to meet the scheduled December 31, 2017 payment of principal and interest because of financial difficulties. On September 30, 2017, Freeze Bank sold the note for P2,800,000 to Frozen Company, one of Frost Company's oldest and largest customers. On December 31, 2017, Frozen Company agreed to accept inventory costing P2,600,000 worth P3,150,000 from Frost Company in full settlement of the note. The gain/loss reported in Frost Company's profit or loss as a result of the liability derecognition is?
Q2. Hunter Company is experiencing financial difficulty and is negotiating a debt restructuring with its creditor. Hunter Company has an outstanding financial liability of P2,500,000. Command Financing Company accepted an equity interest in Hunter Company in the form c 400,000, P5 par ordinary shares which at the time of restructuring was quoted at P6.00. The fair value of the obligation at the time of thi restructuring was P2,450,000. The amount of gain to be recognized arising from the debt restructuring by way of "equity swap" is?
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