answer with solution thankyou 7&8

Problem 7: On December 31, 2020, KAYAKOITO Company was experiencing financial difficulties and entered into a debt restructuring agreement with the creditor. The creditor restructured the obligation as follows: o The principal was reduced from 10,000,000 to 9,000,000 o Forgave the accrued interest of Php 1,200,000 Extended the maturity date from December 31, 2020 to December 31, 2023 Reduced the interest from 12% to 10%. Interest is payable annually on December 31, 2021, 2022 and 2023. The prevailing rate of interest for similar debt instruments as of December 31, 2020 is 11% Required: 8. How much should the creditor report as loss on debt restructuring? Problem 8: On January 1, 2020, Wisdom Company issued its 10%, 6 year convertible debt instrument with a face amount of Php 3,000,000 for Php 3,500,000. Interest is payable every December 31 of each year. The debt instrument is convertible into 30,000 ordinary shares with a par value of Php 100. The debt instrument is convertible into equity from the time of issue until maturity. Without the conversion feature, the debt instrument would have sold at 106. On December 31, 2021. Wisdom Company converted 1,000,000 debt instruments by issuing 10,000 ordinary shares. As of December 31, 2021, the unamortized premium on the debt instruments is Php 135,000. Required: 9. What amount should be credited to the share premium account as a result of the conversion? Problem 7: On December 31, 2020, KAYAKOITO Company was experiencing financial difficulties and entered into a debt restructuring agreement with the creditor. The creditor restructured the obligation as follows: o The principal was reduced from 10,000,000 to 9,000,000 o Forgave the accrued interest of Php 1,200,000 Extended the maturity date from December 31, 2020 to December 31, 2023 Reduced the interest from 12% to 10%. Interest is payable annually on December 31, 2021, 2022 and 2023. The prevailing rate of interest for similar debt instruments as of December 31, 2020 is 11% Required: 8. How much should the creditor report as loss on debt restructuring? Problem 8: On January 1, 2020, Wisdom Company issued its 10%, 6 year convertible debt instrument with a face amount of Php 3,000,000 for Php 3,500,000. Interest is payable every December 31 of each year. The debt instrument is convertible into 30,000 ordinary shares with a par value of Php 100. The debt instrument is convertible into equity from the time of issue until maturity. Without the conversion feature, the debt instrument would have sold at 106. On December 31, 2021. Wisdom Company converted 1,000,000 debt instruments by issuing 10,000 ordinary shares. As of December 31, 2021, the unamortized premium on the debt instruments is Php 135,000. Required: 9. What amount should be credited to the share premium account as a result of the conversion