Use the Following Information to Answer Question 1 and 2

question 77

Short Answer

Use the following information to answer Question 1 and 2.
Harrison Company has a loan receivable with a carrying value of $15,000 at December 31, 2013. On January 3, 2014, the borrower, Thomas Clark Imports, declares bankruptcy, and Harrison estimates that it will collect only 60% of the loan balance.
-Assume that on January 5, 2015, Harrison learns that Thomas Clark Imports has emerged from bankruptcy. As a result, Harrison now estimates that all but $1,500 will be repaid on the loan. Under IFRS, which of the following entries would be made on January 5, 2015?

---

Definitions:

UN Commission on International Trade Law

A legal body established by the United Nations to promote the harmonization and unification of international trade law.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, which governs international purchase and sale agreements.

UNCITRAL Model Law on Electronic Signatures

An international framework designed to facilitate the use of electronic signatures and ensure their legal recognition and equivalence to traditional handwritten signatures.

Judicial Branch

The branch of government responsible for interpreting the laws, adjudicating legal disputes, and administering justice.