Maple Leaf Mortgage Co. has the following partial balance sheet as of December 31, 2021: Assets: Cash $3,300,000 Mortgage Loans 23,124,877 Office Equipment 400,125 Building 300,000 Land 100,000 All mortgages are long-term with maturity terms of 30 years. The mortgages are backed by collateral and have a 20% exposure rate. The default probability is calculated by averaging the previous 3 years of losses percentage. Losses percentage is calculated as follows: Write-offs/Average Accounts Receivable Year Mortgage Loans 12/31/xx Write-offs Recoveries 2017 $18,500,664 $125,000 $50,000 2018 19,100,888 175,000 75,000 2019 19,675,900 200,000 100,000 2020 21,456,111 225,100 110,000 2021 23,124,877 250,000 125,000 Additionally, the company determines its recovery rate by averaging the previous 5 years recoveries by the write offs. Calculate the expected loss for 2022.