On February 1, 2019, Ko Myeong-Eun Corporation issued 12%, P2,000,000 face value, 10-year bonds for P2,234,000 plus accrued interest. The bonds are dated November 1, 2018, and interest is payable May 1 and November 1. Ko Myeong-Eun reacquired all of these bonds at 102 on May 1, 2022 and retired them. Unamortized bond premium on that date was P156,000.Ignoring income tax effect, what was Ko Myeong-Eun's gain on the bond retirement?

Answer rating: 100% (QA)

Carrying Value of the bond on the Retirement period Face Value for the ... View the full answer