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5) On January 1, 2011, Double Blade Co. issued 3 years, 10% P4,000,000 convertible bonds for P4.400,000. Principal is due at maturity but interest is payable every year end. The bonds are convertible into 6,000 ordinary shares with par value of P400. At issuance date, the prevailing market rate of interest for similar debt without conversion feature is 12%. On December 31, 2012, half of the convertible bonds were retired for P2,000,000. The prevailing rate of interest on similar debt instrument as of December 31, 2012 is 11% without the conversion feature. How much gain (loss) on the extinguishment of the bonds on December 31, 2012? A. 24,393 loss B. 24,393 gain c. 17,696 loss D. 17,696 gain 5) On January 1, 2011, Double Blade Co. issued 3 years, 10% P4,000,000 convertible bonds for P4.400,000. Principal is due at maturity but interest is payable every year end. The bonds are convertible into 6,000 ordinary shares with par value of P400. At issuance date, the prevailing market rate of interest for similar debt without conversion feature is 12%. On December 31, 2012, half of the convertible bonds were retired for P2,000,000. The prevailing rate of interest on similar debt instrument as of December 31, 2012 is 11% without the conversion feature. How much gain (loss) on the extinguishment of the bonds on December 31, 2012? A. 24,393 loss B. 24,393 gain c. 17,696 loss D. 17,696 gain