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Question - On July 1, 2020, XYZ Company borrowed P2,500,000 from BPI, with 12% interest and a term of 8 years. Interest is payable every June 30. On January 1, 2022, it is determined that XYZ is under financial distress and that collection of interests is no longer likely, and that only P2.300,000 is collectible on December 31, 2028. It is the company's policy to use an allowance account for the impairment of loans. (Round-off PV factors to 3 decimal places, and computations, as well as, the final answers, to whole peso)
Required -
-How much is the loss on impairment of loan?
-How much interest income is recognized in 2022?
-What is the balance of the allowance for loan impairment on December 31, 2022?
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