On December 31, 2018, Isiah Company, a financing institution lent P4,000,000 to Psalms Corp. due 3 years after. The loan is supported by an 8% note receivable. Transaction costs incurred to originate the loan amounted to P248,000. P374,000 was chargeable to Psalms as origination fees. Interests on the loan are collectible at the end of each year. The yield rate on the loan is 9.25%. Isiah was able to collect interest as it became due at the end of 2019. During 2020, however, due to Psalms Corporation's business deterioration and due to political instability and faltering global economy, the company was not able to collect amounts due at the end 2020. After reviewing all available evidence at December 31, 2020, Isiah Company determined that it was probable that Psalms would pay back only P3,400,000 collectible as follows: December 31, 2022 1,400,000 December 31, 2023 1,000,000 December 31, 2024 600,000 December 31, 2025 400,000 As of December 31, 2020, the prevailing rate of interest for all debt instruments is 14%. What is the impairment loss to be recognized in the 2020 statement of comprehensive income? [Select] What is the correct carrying value of the loans receivable as of December 31, 2022? (Select ] On January 1, 2020, Uniform Co. sold its 2-year old equipment to XYZ Inc. for a cash down-payment of P100,000 and a non-interest bearing note with a face amount of P900,000 due December 31, 2021. There is no established price for the equipment but its carrying amount on the company's books was at P600,000. The prevailing market rate of interest for similar note of this type on the transaction date was at 10%. On December 31, 2020 XYZ developed a financial difficulty and it was apparent that it will no longer be able to settle the amount due on December 31, 2021. To maximize the recovery of the note, Uniform agreed to extend the maturity of the note to up to December 31, 2022. Furthermore, Uniform also agreed to reduce the principal amount by 25%. How much is the impairment loss to be recognized on the note in 2020? O 342,149 0 204,545 O 260,331 286,364 On December 31, 2018, Isiah Company, a financing institution lent P4,000,000 to Psalms Corp. due 3 years after. The loan is supported by an 8% note receivable. Transaction costs incurred to originate the loan amounted to P248,000. P374,000 was chargeable to Psalms as origination fees. Interests on the loan are collectible at the end of each year. The yield rate on the loan is 9.25%. Isiah was able to collect interest as it became due at the end of 2019. During 2020, however, due to Psalms Corporation's business deterioration and due to political instability and faltering global economy, the company was not able to collect amounts due at the end 2020. After reviewing all available evidence at December 31, 2020, Isiah Company determined that it was probable that Psalms would pay back only P3,400,000 collectible as follows: December 31, 2022 1,400,000 December 31, 2023 1,000,000 December 31, 2024 600,000 December 31, 2025 400,000 As of December 31, 2020, the prevailing rate of interest for all debt instruments is 14%. What is the impairment loss to be recognized in the 2020 statement of comprehensive income? [Select] What is the correct carrying value of the loans receivable as of December 31, 2022? (Select ] On January 1, 2020, Uniform Co. sold its 2-year old equipment to XYZ Inc. for a cash down-payment of P100,000 and a non-interest bearing note with a face amount of P900,000 due December 31, 2021. There is no established price for the equipment but its carrying amount on the company's books was at P600,000. The prevailing market rate of interest for similar note of this type on the transaction date was at 10%. On December 31, 2020 XYZ developed a financial difficulty and it was apparent that it will no longer be able to settle the amount due on December 31, 2021. To maximize the recovery of the note, Uniform agreed to extend the maturity of the note to up to December 31, 2022. Furthermore, Uniform also agreed to reduce the principal amount by 25%. How much is the impairment loss to be recognized on the note in 2020? O 342,149 0 204,545 O 260,331 286,364