*E7-26B (Impairments) On December 31 2014 Lloyds Company borrowed $50663 from London Bank signing a 6-year $100000 zero-interest-bearing note. The note was issued to yield 12% interest. Unfortunately during 2017 Lloyds began to experience financial difficulty. As a result at December 31 2017 London Bank determined that it was probable that it would receive back only $60000 at maturity. The market rate of interest on loans of this nature is now 15%.Instructions(a) Prepare the entry to record the issuance of the loan by London Bank on December 31 2014.(b) Prepare the entry if any to record the impairment of the loan on December 31 2017 by London
