Nos. 7 to 9 are related to the following information: Global Bank loaned P9,000,000 to a borrower on January 1, 2018. The terms of the loan were payment in full on January 1, 2023, plus annual interest payment at 12%. The interest payment was made as scheduled on January 1, 2019. However, due to financial setbacks, the borrower was unable to make the 2020 interest payment. The bank considered the loan impaired and projected the cash flows from the loan on December 31, 2020. The bank has accrued the interest on December 31, 2019 but did not continue to accrue interest for 2020 due to the impairment of the loan. The projected cash flows are: Date of cash flow Amount projected on December 31, 2020 December 31, 2021 1,500,000 December 31, 2022 2,000,000 December 31, 2023 2,500,000 December 31, 2024 3,000,000 The present value of 1 at 12% is .89 for one period, .80 for two periods, .71 for three periods, and .64 for four periods. 7. What is the loan impairment loss for 2020? 8. What is the interest income for 2021? 9. What is the carrying amount of the loan receivable on December 31, 2021? The following information relate to No. 10: On January 1, 2020, Oregon Bank recorded an investment of P5,000,000 in a loan granted to a client. The loan has a 10% effective interest rate payable annually every December 31. The principal is due in full at maturity on December 31, 2023. Unfortunately, the borrower is experiencing significant financial difficulty and will have difficult time in making full payment. The bank projected that the entire principal will be paid at maturity and 4% interest or P200,000 will be paid annually on December 31 of the next three years. There is no accrued interest on December 31, 2020. The present value of 1 at 10% for three periods is 0.75 and the present value of an ordinary annuity of 1 at 10% for three periods is 2.49. 10. What is the impairment loss for 2020