El Wahba bank has gross Loans of EGP 550 million with an Allowance for Loan Losses (ALL) account of EGP 30 million. Two years ago the bank made a loan for EGP 10 million to finance the El Obour Hotel. One million EGP in principal was repaid before the borrowers defaulted on the loan. The Loan Committee at El Wahba bank believes the hotel will sell at auction for EGP 7 million and they want to charge-off the remainder immediately. Required: a) Calculate the amount of net loans before the charge off. (1 mark) b) Calculate the amount of gross loans, allowance for loan losses and net loans after the charge off. (3 marks) c) If the El Wahba bank sells at auction for EGP 8 million, how with the affect the related balance sheet accounts? D) IF IT SOLD AT ACTION FOR EGP 9 MILLION, HOW IT WILL AFFECT BS ACCOUNT (2 marks)