Question: Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, prepare journal entries for both Ivanhoe and Northern Savings Bank to record

Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, prepare journal entries for both Ivanhoe and Northern Savings Bank

Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, prepare journal entries for both Ivanhoe and Northern Savings Bank to record the issuance of the note on January 1, 2023. Use the result from the financial calculator or Excel function PV. (Round factor values to 5 decimal places, e.g. 1.25124 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, Ivanhoe Limited issued a $1,248,000, five-year, zero-interest-bearing note to Northern Savings Bank. The note was issued to yield 8\% annual interest. Unfortunately, during 2023 Ivanhoe 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. Ivanhoe will probably pay back only $832,000 of the principal at maturity. For simplicity, assume that this reflects the probability-weighted amount. Both Ivanhoe 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

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