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What is the gain on sale of rights

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Problem 1: On January 1, 2014, Sinister Company purchased 50,000 ordinary shares for P3,600,000 to be classified as nontrading. On December 1, 2014, the entity received 50,000 stock rights. Each right entitled the holder to acquire one share for P85. The market price of share was P100 immediately before the rights were issued and P90 immediately after the rights were issued. The entity sold the stock rights on December 31, 2014 for P15 a right. What is the gain on sale of rights?

Reference no: EM132819989

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