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What amount of gain should Keith report as component

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Question - The following information pertains to the transfer of real estate pursuant to a debt restructuring by Keith Corporation to Mnemonic Company in full liquidation of former's liability to the latter: Carrying amount of liability liquidated - P1,500,000; Carrying amount of real estate transferred - P1,000,000; Fair value of real estate transferred - P1,200,000.

1. What amount of gain should Keith report as component of its income from continuing operations?

2. Prepare the pertinent journal entry for the liquidation of the liability.

Reference no: EM132714987

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