Instructions: Type the numerical answer (whole number) in the box. NO need for peso sign. Round all entries in the amortization table to the nearest peso. If the answer is not exact, round it to the nearest peso. Use comma as separator like this 100,000

How much is the loan impairment loss on December31, 2020? Blank 1

What is the interest income to be reported by Solvent Bank in 2021? Blank 2

What is the carrying amount of the loan receivable to be reported by Solvent Bank on December 31, 2022? Blank 3

Solvent Bank loaned Marvelous Company P5,000,000 on January 1,2018 . The terms of the loan were payment in full on January 1, 2023 plus interest payment at 12%. The interest payment was made as scheduled on January 1, 2019. However, due to financial setbacks, Marvelous was unable to make its 2020 interest payment. Solvent Bank considers the loan impaired and projects the cash flows from the loan as of December 31,2020. Solvent bank accrued the interest at December 31,2019 , but did not continue to accrue interest due to the impairment of the Ioan. The projected cash flows are: Solvent Bank loaned Marvelous Company P5,000,000 on January 1,2018 . The terms of the loan were payment in full on January 1, 2023 plus interest payment at 12%. The interest payment was made as scheduled on January 1, 2019. However, due to financial setbacks, Marvelous was unable to make its 2020 interest payment. Solvent Bank considers the loan impaired and projects the cash flows from the loan as of December 31,2020. Solvent bank accrued the interest at December 31,2019 , but did not continue to accrue interest due to the impairment of the Ioan. The projected cash flows are