Question Can you please help me to solve these problems? So that I can compare your solution on mine too. Thank you! 1. On January 1, 2020, ABC Company converted its 12%, P1,500,000 face value bonds payable with carrying amount of P1,552,049 for 20,000 ordinary shares with a par value of P50. The bonds were originally issued to yield 10%. The fair value of the bonds on the date of retirement is P1,600,000. Assuming that the bonds are convertible and the share premium from conversion option was P60,000. How much is the gain (loss) on conversion of the bonds to be recognized in the profit or loss during the period? (Round off present value factors up to four decimal places, in presenting your final answer round- up to the nearest peso) 2. On September 1, 2021, Confused Company purchased a machine. The purchase agreement required Confuse to pay an initial fee payment of P700,000 plus four P300,000 payments due every four (4) months, the first payment due December 31, 2021. The market interest rate is 12%. The present and future value tables at 4% for four (4) periods were as follows: Present value of P1, 0.85; Present value of an ordinary annuity of P1, 3.63; Future value of P 1.1.17, Future value of an ordinary annuity of P1, 4.25. What is the fair value of the note on December 31, 2021