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SITUATION T On July I, 2020. Pasuquin Co. sold goods in exchange for P2.000.000, 8~month. 10% note receivable. At the time of the sale, the note's market rate of interest was 12%. The note was discounted at 10% on September I, 2020. I. What amount was received from the note receivable discounting? 2. What is the loss on note receivable discounting? SITUATION 2 Pagudpud Corp. factored P400000 of accounts receivable to Paoay Corp. on July 1, year 2. Control was surrendered by Pagudpud Corp. Paoay Corp. accepted the receivables subject to recourse for nonpayment. Paoay Corp. assessed a fee of 2% and retains a holdback equal to 5% of the accounts receivable. In addition. Paoay Corp. charged 15% interest computed on a weighted-average time to maturity of the receivables of forty- one days. The fair value of the recourse obligation is Pl 2,000. 3. What is the amount of cash initially recorded from the factoring? 4. Assuming all receivables are collected, Pagudpud's cost of factoring would be 5. Assuming all receivables are not collected, Pagudpud's cost of factoring would be SITUATION 3 Marcos Bank loaned P10.000.00 to Nueva Era Co. on January 1. 2018. The terms of the loan require principal payments of P2,000,000 each year for 5 years plus interest at 8%. The first principal and interest payment is due on December 3], 2018. Nueva Era Co. made the required payments on December 31. 2018 and 20l9. However. during 2020. Nueva Era Co. began to experience nancial difficulties, requiring Marcos Bank to reassess the collectability of the loan. On December 31,2020, Marcos Bank has determined that the remaining principal payments will be collected but the collection of the interest is unlikely. Marcos Bank did not accrue the interest for 2020. Expected principal payments are as follows: Pl 000,000 on December 31 . 202 I; P2.000.000 on December 31 . 2022; and P3000000 on December 31 , 2023. The present value of l at 8% is .93 for one period, .86 for two periods and .79 for three periods. 6. What is the impairment loss on the loan receivable