1. Wonder Company is experiencing financial difficulties and is negotiating a troubled debt restructuring with your creditors to alleviate your financial stress. Wonder has a P3,000,000 promissory note payable to Megabank. The bank is considering accepting an equity interest in Wonder Company in the form of 200,000 common shares with a fair value of P12 per share. The par value of the common share is P10 per share. Wonder Company incurred total transaction costs of P80,000 related to the share issue. 
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3. What is the amount of the share premium to be reported by Wonder in its statement of financial position as a result of the restructuring applying IFRIC 19?

Answer rating: 100% (QA)

Answer I The correct option is P920000 i The ... View the full answer