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Solid Bank loaned P5,000,000 to a borrower on January 1, 2018. The terms of the loan require principal payments of P 1,000,000 each year for 5 years plus interest at 8%.
The bank did not accrue the interest on December 31, 2020.
Present value of 1 at 8%
For one period 0.926
For two periods 0.857
For three periods 0.794
Problem 1: What is the impairment loss for 2020?
Problem 2: What is the interest income for 2021?
Problem 3: What is the carrying amount of the loan receivable on December 31, 2021?
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