What is the loan impairment to be recorded under aspe

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Problem - Impaired Loans - One of Harmandeep's debtors is in financial difficulty and defaulted on its loan payment during the year. The outstanding balance on this loan receivable at the end of Year 5 was $240,000. As a full settlement of the loan, Harmandeep agreed to accept five annual payments of $59,000 with the first payment due at December 31, Year 6. The original interest rate on the loan was 11%. The market rate of interest for this type of loan is 9%. No adjustment has been made for the impairment of the loan receivable. What is the Loan impairment to be recorded under ASPE and IFRS.

Reference no: EM133001501

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