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  • Answer: B Carrying Amount of Liability (P2,000,000 X 1/2) P1,000,000 Less Carrying Amount of Land 800,000 Gain On Extinguishing of Debt P 200,000

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    Ar-Reb Aquino
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    The document discusses the extinguishment of a P2 million liability for P1 million, resulting in a P200,000 gain. It was calculated by taking half the carrying amount of the liability of P1 million and subtracting the P800,000 carrying amount of land used to extinguish the debt.

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    P9-Q1

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    The document discusses the extinguishment of a P2 million liability for P1 million, resulting in a P200,000 gain. It was calculated by taking half the carrying amount of the liability of P1 million and subtracting the P800,000 carrying amount of land used to extinguish the debt.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
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    11 views1 page

    Answer: B Carrying Amount of Liability (P2,000,000 X 1/2) P1,000,000 Less Carrying Amount of Land 800,000 Gain On Extinguishing of Debt P 200,000

    Uploaded by

    Ar-Reb Aquino
    The document discusses the extinguishment of a P2 million liability for P1 million, resulting in a P200,000 gain. It was calculated by taking half the carrying amount of the liability of P1 million and subtracting the P800,000 carrying amount of land used to extinguish the debt.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    ANSWER: B

    Question 1

    Carrying amount of liability (P2,000,000 x 1/2) P1,000,000


    Less carrying amount of land 800,000
    Gain on extinguishing of debt P 200,000

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