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On Jan. 1, 20x1, Relative Pitch Bank extended a P2,000,000 loan to XYZ, Inc. Principal is due on Dec. 31, 20x5 but 10% interest is due annually every Dec. 31. On Dec. 31, 20x3 , XYZ, Inc. was delinquent and it was ascertained that the loan was impaired. Relative Pitch Bank assessed that interests accruing on the loan will not be collected; however, the principal is expected to be received in two equal annual installments starting on Dec. 31, 20x4. Interest receivable as of Dec. 31, 20x3 includes only the unpaid interest in 20x2. Interest for 20x3 is not accrued because of the loss event. The current market rate on December 31, 20x3 is 14%.
Requirement:
Question a. Provide the journal entry to record the impairment loss using:
1. Direct Method2. Allowance Method
Question b. Prepare the amortization table after the impairment.
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