J-Hope Company experiences financial difficulties and began defaulting on the loan to International Bank. The loan receivable has a carrying amount of P3,300,000 including the accrued interest of P300,000 on

J-Hope Company experiences financial difficulties and began defaulting on the loan to International Bank. The loan receivable has a carrying amount of P3,300,000 including the accrued interest of P300,000 on December 31, 2019. International Bank projected the cash flows from the loan on December 31, 2019: Date of cash flow         Amount projected                                    PV of 1 December 31, 2020     P500,000                         Year 1                0.8929 December 31, 2021     1,000,000                        Year 2                0.7972 December 31, 2022     1,500,000                        Year 3                0.7118 The prevailing rate is 12% How much is the impairment loss?

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