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What is the amount gain from recovery of loss on purchase

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During 2015, palazzo Company signed a non-cancelable contract with Crown Milling Company to purchase 1,000 sacks of rice P1,200 per sack with delivery to. be made in 2016. On December 21, 2015, the price of rice had fallen to P1,150 per sack. The company expects delivery of rice when the price is P1,180 per sack on April 1, 2016.

Question 1: In palazzo's December 31, 2015 profit or loss, how much is reported as loss on purchase commitments? What is the amount gain from recovery of. loss on purchase commitments, if any, that Palazzo should recognize on April 1, 2016?

Reference no: EM132490949

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