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:
Molecular Bonds
Molecular bonds are attractive forces that hold atoms together in molecules, including ionic, covalent, and hydrogen bonds among others.
Reactants
are substances initially present in a chemical reaction that are consumed during the reaction to make products.
Products
Substances formed as a result of a chemical reaction, found on the right side of a chemical equation.
Potential Energy
The energy possessed by a body by virtue of its position relative to others, stresses within itself, electric charge, and other factors.
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