Reference no: EM133079317
Question - On January 1, 017, Samsung Company loaned Sansui Company amounting to P2,000,000 and received a two-year, 8%, P3,000,000 note. The note calls for annual interest to be paid each December 31. Samsung collected the 2017 interest on schedule. However, on December 31, 2018, based on the Sansui's recent financial difficulties, Samsung collected the 2018 interest, which was recorded in the books, the company expects that only the P1,400,000 of the principal will be recovered. The P1,400,000 principal amount is expected to be collected in two equal installments on December 31,2020 and December 31,2022. The prevailing interest rate for similar type of note is 6% as of December 31, 2018, 9% as of December 31,2019, 10% as of December 31,2020, 7% as of December 31,2021 and 9% as of December 31,2022.
Required -
1. Determine the loan impairment loss in 2018?
2. Determine the carrying value of the loan in 2020?
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