On January 1, 2020, Mae Company loaned Angela Company amounting to P2,000,000 and received a two-year, 6%, P2,000,000 note. The note calls for annual interest to be paid each December 31. Mae collected the 2020 interest on schedule. However, on December 31, 2021, based on Angela's recent financial difficulties, Mae expects that the 2021 interest, which was recorded in the books, will not be collected and that only P1,200,000 of the principal will be recovered. The P1,200,000 principal amount is expected to be collected in two equal annual installments on December 31, 2023 and December 31, 2025. The prevailing interest rate for similar type of note as of December 31, 2021 is 8%. (Round off PV to 5 decimal places) Based on the the result of your audit, answer the following:

1. The present value of expected future cash flows as of December 31, 2021.

2. The loan impairment loss in 2021.

3. How much is the interest income for the year 2022?

4. Carrying amount of the loan as of December 31, 2023.