National Bank loaned the Lyon Company $11.10 million, at an interest rate of 9%. The note was signed January 1, 2008, and was due December 31, 2022. Annual interest was last paid on December 31, 2016. At January 1, 2018, National Bank concluded it was probable that the note was impaired. National believes it will not collect accrued interest, that it will only receive $610,000 of interest each year, and that it will only receive $8.95 million of principal at the end of the life of the note. Assume National Bank believes there is only a 30% chance that the loan is impaired (suffers a credit loss). (EV of $1. PV of $1. EVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required 1. Calculate the amount of impairment that National Bank would recognize for the Lyon note under current U.S. GAAP. (Enter your answer in whole dollars. Round your final answer to nearest whole dollar.) Amount of impairment 2. Calculate the amount of credit loss that National Bank would recognize for the Lyon note, but assuming that since 2017 National has determined credit losses using the CECL model introduced in ASU 2016-13. (Enter your answer in whole dollars. Round your final answer to nearest whole dollar.) Expected credit loss