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Misamis Company is indebted to occidental Company under a P5,000,000, 10% three-year note dated December 31, 2013. Because of financial difficulties, Misamis owned accrued interest of P500,000 on the note at December 31, 2016. Under a debt restructuring on December 31, 2016, Occidental Company agreed to settle the note and accrued interest for a tract of land having a fair value of P3,500,000. The acquisition cost of the land is P1,000,000. The income tax rate is 35%.
Problem 1: In its 2016 income statement Misamis should report gain on extinguishment of debt at
a. P2,500,000
b. P4,500,000
c. P2,000,000
d. P2,925,000
Financial Statement Analysis and Preparation
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