11.11- purchased debt instrument with impairment On 1 January 2022, Biz Banking Ltd purchases a debt instrument with a 5-year term for its fair value of $1000 million (including transaction costs). The instrument has a principal amount of $1250 million (the amount payable on redemption) and carries fixed interest of 4.7% paid annually in arrears on 31 December. The annual cash interest income is thus $59 million ($1250 million 0.047 rounded to nearest million). Using a financial calculator, the effective interest rate is calculated as 10%. The debt instrument is classified as subsequently measured at amortised cost. At 31 December 2022 Biz Banking Ltd assesses that the credit risk of the debt instrument has not changed significantly since initial recognition and that 12 months' expected credit loss is $1 million. There is no significant change in credit risk until 2024. During that year, the issuer of the debt instrument faces financial difficulties. By 31 December 2024 it becomes likely that the issuer of the debt instrument will be placed into receivership. The lifetime expected credit loss of the debt instrument is estimated to be $500 million on 31 December 2024, calculated by discounting the expected future cash flows at 10%. No cash flows are received during 2024. At the end of 2025, Biz Banking Ltd receives a letter stating that the issuer will be able to meet all of its remaining obligations, including interest and repayment of principal. Required Prepare the entries of Biz Banking Ltd for all years from initial recognition to derecognition of the financial asset