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Problem 7-14 (IAA) World Bank loaned P9,000,000. to a borrower on January 1, 2022. The terms of the loan were payment in full December 31, 2026, plus annual interest payment at 12% beginning December 31, 2022. The interest payment was made as scheduled on December 31, 2022. However, due to financial setbacks, the borrower was unable to make the December 31, 2023 interest payment. The bank considered the loan impaired and projected the cash flows from the loan on December 31, 2023. The bank has accrued the interest on December 31, 2023. Amount projected Date of cash flow on December 31, 2023 December 31, 2024 ,500,000 December 31, 2025 2,000,000 December 31, 2026 2,500,000 December 31, 2027 3,000,000 The present value of 1 at 12% is .89 for one period, .80 for two periods, .71 for three periods, and .64 for four periods. 1. What amount should be reported as loan impairment loss for 2023? a. 2,370,000 b. 3,450,000 C. 6,630,000 d. 2,450,000 2. What amount should be reported as interest income for 2024? a . 795, 600 b. 900,000 C. 180,000 3. What is the carrying amount of the loan receivable on December 31, 2024? a. 5,925,600 b. 4,845,600 C . 6,330,000 . 7,5010,006Problem 7-15 (IAA) On December 31, 2022, Oregon Bank recorded an investment of P5,000,000 in a loan granted to a borrower. The loan has a 10% effective interest rate payable annually every December 31. The principal is due in full at maturity on December 31, 2025. Unfortunately, the borrower is experiencing significant financial difficulty and will have difficult time in making full payment. The bank projected that the entire principal will be paid at maturity and 4% interest or P200,000 will be paid annually on December 31 of the next three years. There is no accrued interest on December 31, 2022. The present value of 1 at 10% for three periods is 0.75, and the present value of an ordinary annuity of 1 at 10% for three periods is 2.49. 1. What amount should be reported as impairment loss for 2022? a. 752,000 b. 600,000 C. 250,000 d. 748,000 2. What amount should be reported as interest income for 2023? a. 200,000 b. 424,800 c. 224,800 d. 500,000 3. What is the carrying amount of the loan receivable on December 31, 2023? a. 5,000,000 b. 3,750,000 cs CS 4, 472,890th CamScanner d. 4,672,800