Use the Following Information to Answer Question 1 and 2

question 110

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.
-Which of the following entries would Harrison make to record the impairment under IFRS?

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Definitions:

Maslow's

Relating to the hierarchy of needs theory developed by Abraham Maslow, which posits that human motivations are influenced by a progression of needs, starting from basic survival needs up to self-actualization.

Physiological Needs

Basic physical requirements for human survival, such as food, water, shelter, and clothing, that are essential to maintaining life.

Self-Actualization Needs

The highest level in Maslow's hierarchy of needs, representing the pursuit of realizing one's own potential and self-fulfillment.

Growth Needs

The desire for personal development, self-improvement, and the realization of one's potential.