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Determine and assume the loan was advanced on january

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The second financial instrument was a loan from a shareholder. The company borrowed a $6 million dollar loan at a rate of 4% when the market rate of interest was 6%. The company received the lower rate of interest by agreeing that in five years time, the lender would have the option to receive repayment in full in cash or to accept 40,000 common shares as full repayment.

Question 1: Assume the loan was advanced on January 1, 2020.

Question 2: Determine how to account for these under ASPE and IFRS.

Reference no: EM132460509

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