GHIJ Corporation is experienci

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GHIJ Corporation is experiencing financial difficulties and a downward trend in its results of operations. The firm is unable to service its debt and as a result, has missed payment of an annual interest on its loan from CVB Company. The principal amount of the loan is P 5,000,000 (which is already due ) with annual interest of 10% payable annually. GHIJ Corporation’s management has negotiated a modification of its debt terms with its creditors.

The creditors agree to the following new terms (assume that at this time, the prevailing market rate of interest remained at 11%):
• Forgive all accrued interest.
• Reduce the principal amount of the loan to P 4,000,000.
• Extend the payment of principal for 3 years.
• Reduce the interest rate for the remaining 3 years to 8%

How much is the gain on debt restructuring?

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