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How much is the impairment loss

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Reference no: EM132935759

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Q1) The following information is available for the BTS Company on March 31 of the current year:

Bank statement balance, March 31 - P146,570

Note collected by bank, including interest of P2,500, not yet taken up on the books - P62,500

NSF check returned with the bank statement - P21,260

Outstanding checks as of March 31 - P68,470

Bank service charges for March - P1,285

Credit memo for interest credited by bank for the month of March - P105

What is the correct cash balance at March 31?

-P76,815

-P38,145

-P78,205

-P78,100

Q2) On December 31, 2020, the YG Company Finance Company had a P5,000,000 note receivable from SM Entertainment Company. The note bears 12% interest. The books reported accrued interest of P600,000 on this date. Following the Covid-19 pandemic by SM Entertainment Company, YG Company Finance agreed to the restructuring and modification of the terms of its loan to SM Entertainment as follows: - Reduction of principal to P4,000,000 - Reduction of interest to 10% payable annually beginning December 31, 2021. - Accrued interest on December 31, 2020 is condoned; and - Principal payment was reset to December 31, 2022.

How much is the impairment loss?

-1,351,165

-1,278,910

-1,832,160

-1,732,160

How much premium/discount is to be recognized on the date of restructuring?

-132,160 Premium

-130,000 Discount

-132,160 Discount

-130,000 Premium

Reference no: EM132935759

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