On December 31, Year 6, the Bank of Montreal enters into a debt restructuring agreement with Bob the Broke, who is experiencing financial difficulties. The bank restructures currently-due $8 million loan receivable issued at par (interest paid up to date) as follows: 1. It reduces the principal amount from $8 million to of $7.1 million . 2. It extends the maturity date from December 31, Year 6 to December 31, Year 11. 3. It reduces the interest rate from 6.25% to 6%. (The market rate is currently 6%). Assume that interest is paid once a year at the end of the year. Bobs fiscal year ends on December 31. Also assume that Bob follows IFRS. (1) Determine the carrying value of note payable for Bob the Broke right after the debt restructuring agreement. [7 marks] (2) Determine the carrying value of note receivable for Bank of Montreal right after the debt restructuring agreement. [7 marks]