Question 20 8 pts On January 1, 2020, Manila Corporation purchased a P2,400,000, 12% five-year bond. Bonds had an effective interest rate of 16% with interest paid annually. Accordingly, the present value of the principal and interest payments are P1,142,671.24 and P942,996.57, in that order. Manila identifies the purchase as debt instrument at amortized cost. The fair value of the bonds at the end of the first three years are as follows: 101 at 2020, 97.5 at 2021, and 99 at 2022. Determine the following: 1. Initial value of debt instrument on January 1, 2020. - 2. Total amount of interest expense to recognized in the Profit and Loss Statement for 2020. - 3. Carrying amount of the debt instrument in statement of financial position on December 31, 2020. 4. Carrying amount of the debt instrument in statement of financial position on December 31, 2021