Impairment loss (Accounts Receivable)

On January 1, 2019, Ajejen Co. loaned Ajunjun Company amounting to P2,000,000.00 and received a 2-year, 6%, P2,000,000.00 note. The note calls for annual interest to be paid each December 31. Ajejen collected the 2019 interest on schedule. However, on December 31, 2020, based on the Ajunjun's recent financial difficulties, Ajejen Co. expects that the 2020 interest, which was recorded in the books, will not be collected and that only P1,200,000.00 of the principal will be in two equal installments on December 31, 2022 and December 31, 2024. The prevailing interest rate for similar type of note as of December 31, 2020 is 8%. (Round off present value factors to four decimal places). How much is the impairment loss in 2020