On January $1,2024,$ Bomber Co$,$ had an overdue $10\%$ notes payable to Landmine Bank at P$8,000,000$ and accrued interest of P$800,000.$ As a result of a restructuring agreement on January $1,2024,$ Landmine agreed to the following terms:

$-$ The principal obligation is reduced by P$6,000,000$

$-$ accrued interest of P$800,000$ is forgiven

$-$ The date of maturity is extended to December $31,2027$

$-$ Annual interest of $12\%$ is to be paid for $4$ years every December $31.$

What is the present value of the new note payable on January $1,2024?$

$*$

$1$ point

$6,380,400$

$6,000,000$

$4,098,000$

$5$What is the gain on extinguishment of debt to be recognized for $2024?$

$*$

$1$ point

$2,000,000$

$2,800,000$

$2,419,600$

$1,619,600$

What is the interest expense to be recognized for $2024?$

$*$

$1$ point

$720,000$

$800,000$

$600,000$

$638,040,464,000$