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Problem 1 (Computation of Discount on Long-Term Notes Receivable] On January 1, 2020, AIN'T NO VALLEY LOW ENOUGH Company sold computers costing $700,000 with accumulated depreciation of P70,000 in exchange for a #650,000 note receivable payable in four installments as follows: 8400,000 - 1st year; P50,000 - 2nd year, #20,000 - 3" year, and P180,000 - 4" year. A 7% interest is also payable yearly. The effective rate is 5%. How much is the discount on notes receivable on January 1, 2020? Problem 2 (Loans Receivable) Solid bank loan P5 million to a borrower on January 1, 2018. The terms of the loan require principal payments of P1 million each year for five years plus interest at 8%. The first principal and interest payment is due on January 1, 2019. The borrower made the required payments during 2019 and 2020. However, during 2020 the borrower began to experience financial difficulties, requiring the bank to reassess the collectability of the loan. On December 31, 2020, the bank has determined that this remaining principal will be collected as originally scheduled but the collection of the interest is unlikely. The bank did not accrue the interest on December 31, 2020. Question No. 2.1: What is the impairment loss for 2020? Question No. 2.2: What is the carrying amount of the loan receivable on December 31, 2021