q 20

QUESTION 20 Johnstone Company has a loan receivable with a carrying value of $125,000 at December 31, 2019. On January 1, 2020, the borrower Ralph Young Industries declares bankruptcy, and Johnstone estimates that it will collect only 45% of the loan balance Which of the folowing entries would Johnstone make to record the impairment under IFRS? a Loan Receivable 56,250 Impairment Loss 56,250 ob Loan Recovery Expense 68,750 Loan Receivable 68.750 Impairment Loss 56,250 Loan Receivable 56.250 68.750 Impairment LOSS Loan Receivable 68.750