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What is the loan impairment loss on December

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Problem - On January 1, 1999, LeBron James BANK made 10,000,000, 8% loan. The 80,000 interest is receivable at the end of each year, with the principal amount to be received at the end of 1999, the first interest of 80,000 has not been received because the borrower is experiencing financial difficulties.

The borrower negotiated a restructuring of the loan. The payment of all of the interest for five years will be delayed until the end of the five year loan-term. In addition the amount of principal repayment will be dropped from 1,000,000 to 500,000.

The Present Value OF 1 AT 8% for 4 periods is 0.735. No interest revenue has been recognized in 2020 in connection with the loan.

1. What is the loan impairment loss on December 31, 1999?

2. What is the interest income for 2000?

Reference no: EM132909323

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