FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How much shall be reported as interest income for 2022?
90,000
96,836
120,000
129,115
Answer not given
Transcribed Image Text:ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% payable
annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent
information on the loan is provided below:
Principal amount
Origination fee received from the borrower
Direct origination cost
Indirect origination cost incurred
After considering the origination fee received from the borrower and the direct origination cost incurred,
the effective rate on the loan is 9%.
1,000,000
44,900
120,856
12,000
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