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PROBLEM 1 (3 pts) Zephyr Corporation is provided a grant by a foreign government for the purpose of acquiring land for a building site. The grant is a zero-interest loan for 5 years evidenced by a promissory note. The loan was granted on January 1, 2020 for P8,000,000. The market rate of interest is 6%. The present value of 1 for five periods at 6% is 0.7473. Assume that interest expense and grant income are not offset against each other, determine: 1.) Amount of interest expense reported in 2022 2.) Amount of grant income realized in 2023 3.) Amount of deferred grant income as of December 31, 2024 PROBLEM 2 (4 pts) Racquel Company purchased a machine for P3,000,000 on January 1, 2020. The entity received a government grant of P500,000 in respect of this asset. The policy is to depreciate the asset over 5 years on a straight line basis and to treat the grant as deferred income. On January 1, 2022, the grant became fully repayable because of noncompliance with conditions. Determine: 1.) Deferred Grant Income reported in the company's statement of financial position as of December 31, 2021, if deferred income approach was used. 2.) Machinery - net reported in the company's statement of financial position as of December 31, 2021, if deduction from asset approach was used. 3.) Depreciation expense reported in the statement of profit of loss for 2022, if deduction from asset approach was used. 4.) Amount of loss on noncompliance with the conditions of the grant