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Determine the increase in additional paid-in capital

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Question - On January 1, 2020, a corporation is delinquent on a P3,000,000 note to a bank on which P300,000 of interest has accrued. On the same date, the corporation entered into a restructuring agreement with the bank to issue 100,000 P10 par shares of the corporation to settle the entire obligation.

At this date, the market value of the shares is P30 per share. Determine the increase in additional paid-in capital due to the debt restructuring.

Reference no: EM132971477

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