Alpha Bank granted a loan to a borrower on January 1, 2021. The P5,000,000 principal amount matures after 8 years. Interest on the loan is 10% payable annually starting Jan. 1, 2022. The bank incurred direct origination costs of P135,700 but collected origination fees amounting to P393,000 from the borrower. The effective interest rate resulting from this transaction is 11%. On January 1, 2024, after receiving the interest payment, the bank agreed that only P300,000 would be paid as annual interest for the remaining years due to some financial constraints faced by the borrower. Settlement of the principal will be made as originally agreed upon. How much is the impairment lost to be recorded by Alpha on Jan. 1, 2024?