On December 31, 2014, Thanos Company invested in the 5-year bonds of Colossus Corporation face value of P 4,000,000 with 12% interest payable per year and 14% yield rate. The bonds mature in five years. The company has a business model of collecting contractual cash flows including interest and principal for all debt investments. During 2016, Colossus Company's business deteriorated due to political instability and faltering global economy. After reviewing all evidences at December 31, 2016, Thanos company determined that it was probable that Colossus Company will still be able to pay the annual interest on the original loan but a reduced principal of 3,400,000 at maturity. As a result, Thanos company decided that the investment in bond was impaired and that a loss should be recognized immediately. 28. What amount of impairment loss should Thanos Company recognize on its debt instrument? (Round off PV factors to four decimal places)