On January 1, 20A, Bank Net has an outstanding loan receivable from Client Tel totaling P4,320,000, inclusive of 8% interest. Client Tel has not able to pay the interest due last year which made Bank Net to consider the related loan impaired. As a result, Bank Net projected that the principal can still be collected but equally in 20B and 20C of December. The interest which was accrued is projected to be collectible still but fully on December 31, 20C. In addition, the interest rate is lowered to 4% of the outstanding amount which Client Tel is expected to pay annually starting December 20A.

At the end of December 31, 20A, how much is the net impact to profit or loss of Bank Net?

Compute the amount of impairment loss.