Accounting.

Details for one of the loan of Cebuano Company that is probably impaired during the period is as follows: A. The company made a loan of P40,000,000 to a customer with similar credit risk to Cebuano Company on January 1, 2021. B. Interest is receivable on this loan at the end of each year at 2% per annum for the next five years. C. The loan was properly recorded and classified as amortized cost. D. The company made and initial assessment of the loan and the total expected credit losses over the life of the loan was P1,000,000. The discount rate applicable was at 2%. E. On January 1, 2021, the probability of default over the next 12 months was 5%. At December 31, 2021, there was a significant increase in the credit risk on the loan made by Cebuano Company, the expert assessed that the total expected credit losses over the life of the loan was increase to P2,200,000. The discount rate applicable was at 2%. How much is the total impairment loss recognized by Cebuano Company in its Statement of Comprehensive income for period ending December 31, 2021