Q3- Activity Hello, can I get the detailed and complete solution. for practice purposes. Thank you PROBLEM 3 - 4pts A company had an existing 10% note payable with a face amount of P2,000,000 that is due on December 31, 2020. At this date, the company is not able to settle the liability. A restructuring agreement was reached between the company and its creditor that provides for the following: Accrued interest of P200,000 is forgiven. The date of maturity is extended up to December 31, 2022. Stated interest is reduced to 8% payable annually every December 31. The old note was originally issued at an effective rate of 9%. Applicable present value factors are as follows: PV factor of 9% for 2 periods - 0.84 PV factor for an annuity of 2 at 9% - 1.76 PV factor of 10% for 2 periods - 0.83 PV factor for an annuity of 2 at 10% - 1.74 Determine the following: (1) Present value of the liability as of December 31, 2020 (2) Gain(loss) on extinguishment of debt (if your answer is a loss, enclose in parentheses or add a negative sign) (3) Interest expense in 2021 (4) If the accrued interest of P200,000 was not forgiven, how much would be the gain(loss) on the modification of debt (if your answer is a loss, enclose in parentheses or add a negative sign)