Happy Mortgage Corp. is a mortgage lender. The following information relates to Happy Mortgage's portfolio of loans held for investment at December 31, 2021 Principal amount of loans at year end (excluding negative amortization) $50 million Interest earned for year $5 million $2.5 million Negative amortization accrued during the year Alowance for loan lossen at end of year 1.5% of loan principal plus accumulated negative amortization) Accumulated negative amortization at beginning of 2021 none of this was $4.5 million paid during the year 1. What is the gross amount of loans as an investment recorded on the balance sheet as at December 31, 20217 (1 mark) 2. Calculate the loan losses for the year 2 marks) 3. What is the amount of loans hold as an investment niet of losses on the balance sheet as at December 31, 2021? (2 marks) For the toolbar, ALT F10 (PC) or ALT FNAF 10 (Mac) BIS Paragraph Arial AIXO F x X, & 1 12 A EB 13 | * opt