Please answer 11,12,13

* 11. On January 1, 2011, Camry Company received a two-year P500,000 loan. The loan calls for interest payments to be made at the end of each year based on the prevailing market rate at January 1 of each year. The interest rate at January 1, 2011 was 10%. Fortuner Company also has a two-year P500,000 loan but Fortuner's loan carries a fixed interest rate of 10%. Camry Company does not want to bear the risk that interest rates may increase in the second year of the loan. Fortuner Company believes that rates may decrease and it would prefer to have variable debt. So the two entities enter into an interest rate swap agreement whereby Fortuner agrees to make Camry's interest payment in 2012 and Camry likewise agrees to make Fortuner's interest payment in 2012. The two entities agree to make settlement payments, for the difference only, on December 31, 2012. If the interest rate on January 1, 2012 is 8%, what will be Camry's settlement with Fortuner? O a. 10,000 payment Ob. 10,000 receipt O c. 5,000 payment Od. 5,000 receipt 2 points 12. Using the information in MC 11, what amount will Camry report as fair * 2 points value of the interest rate swap on December 31, 2011? a. 500,000 Ob. 10,000 O c. 9,259 O d. 9,091 13. Indang Company requires 40,000 kilos of soya beans each month in its operations. To eliminate the price risk associated with the purchase of soya beans, on December 1, 2011, Indang entered into a futures contract as a cash flow hedge to buy 40,000 kilos of soya beans at P150 per kilo on March 1, 2012. The market price on December 31, 2011 and March 1, 2012 is P160 per kilo. The appropriate discount rate is 9% and the present value of 1 at 9% for one period is 0.917. What amount should be recognized by Indang Company on December 31, 2011 as derivative asset or liability? a. 400,000 asset Ob. 400,000 liability O c. 366,800 asset O d. 366,800 liability 2 points