9:18 VOD LTE YE.. 494 On January 1, 2024, Bomber Co, had an overdue 10% notes payable to Landmine Bank at P8,000,000 and accrued Interest of P800,000. As a result of a restructuring agreement on January 1, 2024, Landmine agreed to the following terms: - The principal obligation is reduced by P6,000,000 - accrued interest of P800,000 is forgiven - The date of maturity is extended to December 31, 2027 - Annual interest of 12% is to be paid for 4 years every December 31. What is the present value of the new note payable on January 1, 2024? * 1 point 6,380,400 6,000,000 4,098,000 5What is the gain on extinguishment of debt to be recognized for 2024? * 1 point 2,000,000 2,800,000 2,419,600 1,619,600 What is the interest expense to be recognized for 2024? *1 point 720,000 800,000 600,000 638,040,464,000 Shin question

Problem 9-19 (IFRS) P600,000. As a result of a restructuring agreement on 1, 2021, the creditor agreed to the following concessions January a. Accrued interest of P600,000 is forgiven.. b. The new principal is P4,000,000. c. The new interest rate is 6% payable every December a. e. The entity paid P350,000 as an arrangement fee to creditor. The PV of 1 at 10% for 3 periods is 0.75 and the PV of ordinary annuity of 1 at 10% for 3 periods is 2.49. The market rate of interest for similar note is 14%. The Dy of 1 at 14% for 3 periods is 0.67 and the PV of an ordinary annuity of 1 at 14% for 3 periods is 2.32. 1. At what amount should the new note payable be initially measured? a. 3,597,600 b. 3,947,600 c. 3,236,800 d. 4,000,000 2. What amount of gain on extinguishment should be recognized for 2021? а. 3,363,200 b. 3,013,200 c. 2,652,400 d. 3,002,400 3. What amount should be reported as interest expense for the 2021? a. 453,152 b. 394,760 с. 359,760 d. 240,000 4. What is the carrying amount…

2.  On January 1, 2018, Hipolito Company has an overdue 8% note payable to First Bank at P8,000,000 and accrued interest of P640,000. As a result of a restructuring agreement on January 1, 2018,  First Bank agreed to the following provisions: The principal obligation is reduced to P7,000,000. The accrued interest of P640,000 is forgiven. The date of maturity is extended to December 31, 2021. Annual interest of 10% is to be paid for 4 years every December 31. The present value of 1 at 8% for 4 periods is 0.735 and the present value of an ordinary annuity of 1 at 8% for 4 periods is 3.31. What is the gain on extinguishment of debt to be recognized for 2018?

3. Gliezel company has an overdue 8% note payable to City Bank at P4,000,000 and recorded accrued interest of P320,000.  As a result of a settlement on January 1, 2018, City Bank agreed to the following restructuring arrangement: a. reduced the principal obligation to P3,500,000; b. forgave the P320,000 accrued interest; c. extended the maturity date to December 31, 2019 and d. annual interest of 10% is to be paid on December 31, 2018 and 2019.  The present value of 1 at 8% for two periods is 0.8573, and the present value of an ordinary annuity of 1 at 8% for two periods is 1.7833.  What amount of gain on extinguishment of debt to be recognized in 2018?