On January 1, 2023, Pharoah Limited issued a $1,008,000, five-year, zero-interest-bearing note to Northern Savings Bank. The note was issued to yield 9% annual interesst. Unfortunately, during 2023 Pharoah fell into financial trouble due to increased competition. After reviewing all available evidence on December 31, 2023, Northern Savings Bank decided that the loan was impaired and that. there was a significant change irrcredit risk. Pharoah will probably pay back only $672.000 of the principal at maturity. For simplicity. assume that this reflects the probability-weighted amount. Both Pharoah and Northern Savings Bank prepare financial statements in accordance with IFRS 9. Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, estimate the loss that Northern Savings Bank will suffer from Pharoah's financial distress on December 31, 2023. (Hint: Refer to Chapter 3 for tips on calculating.) What journal entries should be made to record this loss? (Round foctor values to 5 decimal ploces, eg. 1.25124 and final answers to 0 decimal places, eg. 5,275. Credit account titles are outomotically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. List all debit entries before credit entries)