Cole, Inc., which owes Henry Co. P600,000 in notes payable with accrued interest of P54,000, is in financial difficulty. To settle the debt, Henry agrees to accept from Cole equipment with a fair value of P570,000, an original cost of P840,000, and accumulated depreciation of P195,000. Compute the gain or loss to Cole on the transfer of the equipment. Compute the gain or loss to Cole on the settlement of the debt.

On December 31, 2018, Poore Co. is in financial difficulty and cannot pay a note due that day. It is a P500,000 note with P50,000 accrued interest payable to Edsen, Inc. Edsen agrees to forgive the accrued interest, extend the maturity date to December 31, 2020, and reduce the interest rate to 4%. The present value of the restructured cash flows is P428,000. Compute for the Gain on Restructuring On December 31, 2019, Poore Co. is in financial difficulty and cannot pay a note due that day. It is a P500,000 note with P50,000 accrued interest payable to Edsen, Inc. Edsen agrees to forgive the accrued interest, extend the maturity date to December 31, 2021, and reduce the interest rate to 4%. The present value of the restructured cash flows is P428,000. The payment of Interest on December 31, 2020 includes a debit to notes payable amounting to?

On December 31, 2018, Poore Co. is in financial difficulty and cannot pay a note due that day. It is a P500,000 note with P50,000 accrued interest payable to Edsen, Inc. Edsen agrees to forgive the accrued interest, extend the maturity date to December 31, 2020, and reduce the interest rate to 4%. The present value of the restructured cash flows is P428,000. Compute for the payment of Interest on December 31, 2019.