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How much is the interest income recognized

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On January 1, 2020, ABC Bank granted a 10%, P3,000,000 loan to XYZ Company. The principal is payable on December 31, 2023, and interest payments are at the end of the year. On December 31, 2021, XYZ defaulted on the payment of interest, because of financial difficuity. The loan is assessed to be impaired. The annual interest can no longer be collected. Additionally, the principal is to be collected in three annual payments starting December 31, 2025.

Problem 1: How much is the impairment loss recognized in 2021?

Problem 2: How much is the interest income recognized in 2022?

Problem 3: How much is the interest income recognized in 2023?

Reference no: EM132913044

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