Using $(1)$ factor tables, $(2)$ a financial calculator, or $(3)$ Excel function PV$,$ estimate the loss that Northern Savings Bank will suffer

from Sunland's financial distress on December $31,2023.($Hint: Refer to Chapter $3$ for tips on calculating.$)$ What journal entries

should be made to record this loss? $($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$

decimal places, e$.$g$.5,275.$ Credit account titles are automatically indented when the amount is entered. Do not

indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all

debit entries before credit entries.$)$ On January $1,2023,$ Sunland Limited issued a $$1,368,000,$ five$-$year, zero$-$interest$-$bearing note to Northern Savings

Bank. The note was issued to yield $8\%$ annual interest. Unfortunately, during $2023$ Sunland fell into financial trouble

due to increased competition. After reviewing all available evidence on December $31,2023,$ Northern Savings Bank

decided that the loan was impaired and that there was a significant change in credit risk. Sunland will probably pay

back only $$912,000$ of the principal at maturity. For simplicity, assume that this reflects the probability$-$weighted

amount. Both Sunland and Northern Savings Bank prepare financial statements in accordance with IFRS $9.$

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$