Complete solution with explanation. Thank you! On May 1, 2020, Janine Company secured a loan from NorthSouth Bank, 1,250,000, with 1% monthly interest. As a security, all (2,500,000) of the accounts receivable of the entity was pledged to the bank. Collections in May amounted to 700,000, which was remitted to the bank at the end of the moth in payment of the interest and partial payment of the principal. During June, the entity collected 850,000 of the receivables and settled the loan with the bank. 1. How much is the total interest expense incurred in 2020? 2. How much was the final payment to the bank? On July 1, 2020, Julio Company assigned 1,000,000 accounts receivable to a bank to secure 800,000 loan, with 1% monthly interest. The customer was not notified. Collections were: 200,000 in July, 600,000 in August, and 200,000 in September. At the end of each month, the entity remitted the collections (or amount due) to the bank plus interest. 1. How much is the total interest expense incurred in 2020? 2. How much was the final payment to the bank? On January 1, 2020, Janus Corporation sold 900,000 accounts receivable, with allowance of 90,000 in a casual sale. The entity received 700,000 from the sale. 1. How much is the loss on factoring? 2. In the event that 200,000 of the accounts cannot be collected by the buyer, how much loss on factoring is to be recognized? On January 2, 2021, Toto Company received a promissory note from a customer, 10% 250,000, due in 180 days. Toto Company discounted the note with a bank on a without recourse basis on February 16, 2021 at 12%. 1. How much is the proceeds? 2. How much is the loss on discounting? On June 1, 2020, Kielvj Company discounted a 6-month 1,500,000 customer note at 11% with a bank on a with recourse basis. The note has a nominal rate of 9% and dated May 1, 2020. 1. How much is the net proceeds from the discounting? 2. Under secured borrowing, how much is the increase (decrease) in liability on June 1, 2020? 3. Under conditional sale, how much is the increase (decrease) in assets on June 1, 2020? 4. Under secured borrowing, how much is the net interest income (expense)