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How much is the impairment loss

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Question - On December 31, 2020, the YG Company Finance Company had a P5,000,000 note receivable from SM Entertainment Company. The note bears 12% interest. The books reported accrued interest of P600,000 on this date. Following the Covid-19 pandemic by SM Entertainment Company, YG Company Finance agreed to the restructuring and modification of the terms of its loan to SM Entertainment as follows:

- Reduction of principal to P4,000,000

- Reduction of interest to 10% payable annually beginning December 31, 2021.

- Accrued interest on December 31, 2020 is condoned; and

- Principal payment was reset to December 31, 2022.

Required - How much is the impairment loss?

Reference no: EM132935842

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