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  3. face value of p5,000,000 and a carrying amount of

face value of P5,000,000 and a carrying amount of P4,800,000. In addition, unpaid interest on...

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Accounting

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face value of P5,000,000 and a carrying amount of P4,800,000. In addition, unpaid interest on the bonds was accrued in the amount of P250,000. The creditor had agreed to the settlement of the bonds payable in exchange for 50,000 shares of P50 par value. The shares have no reliable measure in fair value. However, the bonds are quoted at P3,500,000 What is the gain on the extinguishment of the bonds payable

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