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Problem 7-5 (IAA) Solvent Bank loaned P10,000,000 to a borrower on January 1, 2019. The terms of the loan require principal payments of P2,000,000 each year for 5 years plus interest at 8%. The first principal and interest payment is due on December 31, 2019. The borrower made the required payments on December 31, 2019 and December 31, 2020. However, during 2021 the borrower began to experience financial difficulties, requiring the bank to reassess the collectibility of the loan. On December 31, 2021, the bank has determined that the remaining principal payments will be collected but the collection of the interest is unlikely. The bank has accrued the interest for 2021. Expected principal payments December 31, 2022 December 31, 2023 December 31, 2024 1,000,000 2,000,000 3,000,000 Present value of 1 at 8% For one period For two periods For three periods .93 .86 .79 Required: 1. Compute the impairment loss on the loan receivable. 2. Prepare journal entries for 2021, 2022 and 2023