Problem No. 9 - Modification of Terms Filipigay Company has an overdue note receivable from Filipiboy Company for P300,000. The note was dated January 1, 2008. It has an annual interest rate of 9%, and interest is paid December 31 of each year. Filipiboy paid the interest on the note on December 31, 2008, but Filipiboy did not pay the interest due in December of 2009. The current effective interest rate is 6%. On January 1, 2010, Filipigay agrees to the following restructuring arrangement: Reduce the principal to P250,000. Forgive recorded accrued interest. Reduce the interest rate to 6%. Extend the maturity date of the note to December 31, 2012. Based on the above and the result of your audit, answer the following: (Round off present value factors to four decimal places.) 17. The present value of the future cash flows of the restructured loan is 18. The loss on impairment of loan to be recognized by Filipigay in 2010 is 19. The discount to be recognized on January 1, 2010 is 20. The interest income to be recognized in 2010 is 21. The carrying amount of the loan as of December 31, 2010 is -End