On December 31, 2019, the statement of financial position of PAYDAY SALE Corp. showed the following accounts balances: Notes Receivable P2,100,000 Interest Receivable 33,750 Additional Information: Notes Receivable consisted of two promissory noted as follows: A. P1,500,000 - This is a 9% interest-bearing note dated October 1, 2019. It is payable in 3 annual instalments of P500,000 plus interest on the unpaid balance every October 1. It was received as payment for the sale of machinery with a cost of P2,400,000 and accumulated depreciation of P800,000. B. P600,000 - This is a 10% interest-bearing promissory note dated December 31, 2019 and due on December 31, 2022. Interest is due on every December 31. It was received from the president of the company as a result of a P600,000 loan. (Use Note Receivable-President) Transactions for 2020: A. On April 1, PAYDAY SALE sold equipment to SHAPPY Corp. and received a P400,000 non-interest bearing note which is due on April 1. 2022. There is no established exchange price for the equipment. The effective rate of the note is 12%. The equipment has a cost of P500,000 and carrying amount of P300,000. B. On September 1, a tract of land was sold to LAZALORA Corp. for P1,500,000, LAZALORA made a cash down payment and issued a P1,600,000, non-interest bearing note as payment. The note is payable every September 1, in the amount of P400,000 starting September 1, 2021.The land had a cost of P1,200,000.The effective rate of the note is 9%. Required: Determine the following (2 pts each) NOTE: If the answer is a negative figure such as in the case of gain/(loss), increase/(decrease), etc. Input a hyphen (-) before the amount. e.g. (-1,234) 1. What is the gain/(loss) from the sale machinery? 2. What is the selling price of the equipment? 3. What is the gain/(loss) from the sale of equipment? 4. How much was the cash down payment from the sale of land? 5. How much is the interest income recognized in 2020 from the interest- bearing notes? 6. How much is the total unearned interest income amortized in 2020? 7. How much unearned interest income will be amortized in 2021? 8. What is the present value of the P400,000 note on April 1, 2021? 9. What is the present value of the P1,600,000 note on September 1, 2023? .. What amount should be presented as non-current notes receivable on December 31, 2020? Note: For the non-current portion of unearned interest income, it should be the total amount that will amortized beyond December 31, 2021