Cone Company acquired long term 12% bonds, P2,000,000 face value for P2,192,000 including accrued interest and brokerage of P92,000 on January 1, 2003. The bonds pay semiannual interest and mature May 1, 2009. On December 31, 2003, Cone sold all bonds for P2,300,000 excluding accrued interest. What is the gain on sale of bonds?

Q: Answer.

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