WILL UPVOTE PLEASE ANSWER THE FOLLOWING ASAP!!

Help me please with clear and detailed explanation of the answer

Problem 9-14 (IAA) On April 1, 2022, Shalimar Company discounted with recourse a 9-month, 10% note dated January 1, 2022 with face amount of P6,000,000. The bank discount rate is 12%. The discounting transaction is accounted for as a conditional sale with recognition of contingent liability. On October 1, 2022, the maker dishonored the note receivable. The entity paid the bank the maturity value of the note plus protest fee of P50,000. On December 31, 2022, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. 1. What amount was received from the note receivable discounting on April 1, 2022? a. 6,063,000 b. 6,450,000 c. 6,150,000 d. 5,963,000 2. What amount should be recognized as loss on note receivable discounting? a. 450,000 .b. 387,000 C. 87,000 d. 63,000 3. What total amount was collected from the customer on December 31, 2022? a. 6,450,000 b. 6,500,000 C. 6,695,000 d. 6,662,500 4. If the discounting is secured borrowing, what is included in the journal entry to record the transaction? a. Debit loss on note receivable discounting P87,000 CS b. Debit interest expense P87,000 ScannCredit tliability foranote discounted P6,063,000 d. Credit interest income P63,000Problem 9-15 Multiple choice (IAA) 1. If a note receivable is discounted with recourse a. A contingent liability does not exist. b. Note receivable discounted is credited. c. Liability for note receivable discounted is credited. d. Note receivable must be credited. 2. The note receivable discounted account is reported as a. Contra asset account for the proceeds from discounting b. Contra asset account for the face amount of the note c. Liability account for the proceeds from the discounting d. Liability account for the face amount of the note 3. . If a note receivable is discounted without recourse a. The contingent liability may be disclosed b. Liability for note receivable discounted is credited c. Note receivable is credited d. The transaction is a secured borrowing 4. Note receivable discounted with recourse should be a. Excluded from total receivables without disclosure b. Excluded from total receivables with disclosure c. Included in total receivables without disclosure d. Included in total receivables with disclosure 5. After being held for 40 days, a 120-day 12% interest bearing note receivable was discounted at a bank at 15%. The net proceeds from discounting are equal to a. Maturity value less the discount at 12% b. Maturity value less the discount at 15% c. Face amount less the discount at 12% d. Face amount less the discount at 15% CS Scanned with CamScanner