Please don't copy paste wrong answer from AI or other source, i will know. Please show all steps. I will upvote if it's right. Q$5.$ On December $31,$ Year $6,$ the Bank of Montreal enters into a debt restructuring agreement with Bob the Builder, who is experiencing financial difficulties. The bank restructures a currently$-$due $$8$ million loan receivable issued at par $($interest paid up to date$)$ as follows: It reduces the principal amount from $$8$ million to $$7\mathrm{.}6$ million. It extends the maturity date from December $31,$ Year $6$ to December $31,$ Year $12.$ It reduces the interest rate from $6\mathrm{.}25\%$ to $5\mathrm{.}80\%.($The market rate is currently $6\%)$ Assume that interest is paid annually at the end of the year. Bob's fiscal year ends on December $(1)$ Determine the carrying value of the note payable at December $31,$ Year $7,$ after the payment of interest, assuming Bob follows $[$FRS$.[7$ marks$](2)$ Determine the carrying value of the note payable at December $31,$ Year $7,$ after the payment of interest, assuming Bob follows ASPE. $[7$ marks$]$