Please answer the following problems and provide solutions for your answers.

On December 30, 2019, Esac Corp. purchased a machine from Tipp in exchange for a non interest beaming note requiring ten payments of P 100,000 each. The first payment was made on December 30, 2019 and the others are due annually on December 31. The prevailing rate of interest for this type of note at date of issuance was 10% a. What is the cost of machine to be recognized in the books on December 30, 2019? b. What is the amount of discount on notes payale on December 31, 2019?On January 1, 2018, Serap Corp. borrowed P 3,600,000 from a major custsomer evidenced by a noninterest bearing note due in three years. At the 12% imputed interest rate for this type of loan, a. What is the amount of discount on notes payale on December 31, 2018? b. What is the amount of interest expense for 2019? Note: Round off ALL final answers to nearest pesoHalvor Corp. is having financial difficulty and therefore has asked Frontenac National Bank to restructure its P 5,000,000 note outstanding. The present note has 3 years remaining and pays a current rate of interest of 10%. The present market rate of the loan of this nature is 12%. The note was issued at its face value. Presented below are three independent situations. 1. Frontenac National Bank agrees to take an equity interest in Halvor by accepting ordinary shares valued at P 3,700,000 om exchange for relinquishing its claim on this ntoe. The ordinary shares have a par value of P 1,700,000. a. What is the gain or loss on extinguishment of debt to be recognized? (state whether gain or loss beside the amount) 2. Frontenac National Bank agrees to accept land in exchange for relinquishing its claim on this note. The land has a book value of P 3,250,000 and a fair value of P 4,000,000. b. What is the gain or loss on extinguishment of debt to be recognized based on USA GAAP? (state whether gain or loss beside the amount) 3. Frontenace National Bank agrees to modify the terms of the note, indicating that Halvor does not need to pay any interest on the note over the 3-year period. c. What is the gain or loss on extinguishment of debt to be recognized? (state whether gain or loss beside the amount)