Problem 7-11 (IAA) 1, of 1, 2017. Oblation Bank loaned P9,000,000 to a borrower on January erms of the loan were payment in full on January 1, 2022, plus annual interest payment at 12%. ary ing The interest payment was made as scheduled on January 1, 2018. However, d unable to make the 20 financial setbacks, the borrower was the 2019 interest payment. ce he The bank considered the loan impaired and projected the cash flows from the loan on December 31, 2019. The bank has accrued the interest on December 31, 2018, but le ly did not continue to accrue interest for 2019 due to the impairment of the loan. The projected cash flows are: Date of cash flow Amount projected on December 31, 2019 December 31, 2020 1,500,000 December 31, 2021 2,000,000 December 31, 2022 2,500,000 December 31, 2023 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. 1. What is the loan impairment loss for 2019? a. 2,370,000 b. 3,450,000 C. 6,630,000 d. 2,450,000 2. What is the interest income for 2020? a. 795,600 b . 900,000 C . 180,000 0 3. What is the carrying amount of the loan receivable on December 31, 2020? a. 5,925,600 b. 4,845,600 C. 6,330,000 d. 7,500,000 195