On Jan 01, 20x1, JECK Co. settled a 1,000,000 loan payable by issuing to the lender 20,000 shares with par value of 50 pesos per share. Case A: Assuming the fair value of the shares are selling at 110 pesos per share on Jan. 01,201. a. How much is the gain or loss on the extinguishment b. Prepare 1 compound journal entry for this transaction. Case B: Assuming the fair value of the shares are not readily determinable. The loan pays an annual interest of 12% at each year end and has a remining term of 3 years. The prevailing market rate for similar debt on Jan 01,201 is 10% a. How much is the gain or loss on the extinguishment b. Prepare 1 compound journal entry for this transaction