Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31,2020. The loan matures in three years on Dec. 31,2022. Data related to the loan are: Principal amount 1,500,000 Origination fees charged against the borrower 50,000 Direct Origination cost incurred 130,150 After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required: 1. Compute the carrying amount of the loan receivable on December 31,2020, December 31,2021, December 31,2022. 2. Prepare a table of amortization for the loan receivable.

Base Line Co. receives $250,000 when it issues a $250,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2016. The terms provide for annual installment payments of $40,000 on December 31. Instructions Prepare the mortgage payment schedule and journal entries to record the mortgage loan and the first two installment payments. In this order  Date | Particulars | Debit $ |  Credit $ and in a text file

2. C-type Company receives $ 400,000 when it issues 6% mortgage note payable for 4 years to finance the construction of a building at December 31, 2020. The term provides for semiannual installment payment of 34,000 (including real estate tax and insurance $1900) on June 30 and December 31. Instructions: i. Prepare an installment payments schedule for the first 4 years. Prepare entries for the mortgage loan and first installment payment. Show the Balance sheet representation at December 31, 2020. ii. iii.

PROBLEM 1 On December 31, 2023, JFG Company, a financing institution, lent P4,000,000 to MFG Company due 3 years after. The loan is supported by an 8% note receivable. Transaction costs incurred to originate the loan amounted to P248,000. P374,000 was chargeable to MFG as origination fees. Interest on the loan is collectible at the end of each year. The yield rate on the loan after considering the direct origination fees and origination costs incurred is 9.25%. JFG was able to collect interest as it became due at the end of 2024. During 2025, however, due to MFG Company's business deterioration and due to political instability and faltering global economy, the company was not able to collect amounts due at the end of 2025. After reviewing all available evidence at December 31, 2025, JFG determined that it was probable that MFG would pay back only P3,400,000 collectible as follows: December 31, 2027 December 31, 2028 December 31, 2029 December 31, 2030 P1,400,000 1,000,000 600,000…

Tampa Roofing Company borrows P1,500,000 on December 31, 2021. Under the terms of the loan, Tampa Roofing Company is required to make three equal annual payments. The first payment will be made on December 31, 2022. As of December 31, 2023, how much should be recorded as noncurrent liabilities? O P1,500,000 O $500,000 O P1,000,000 O PO

On 1st July 2020 Bashir purchase a machine for RO 15,000. The terms of purchase was 20% cash and the balance to be paid in monthly instalments of RO 500. What amount of the loan will be disclosed under current liabilities in the balance sheet on 31 Dec 2020? a. RO 3,000 b. RO 6,000 c. RO 7,000 d. RO 5,000

Using this table as needed, calculate the required information for the mortgage. Number Table Monthly Payment (in $) Term Total Amount Interest of $1,000s Financed of Loan Factor Interest Financed Rate (years) (in $) (in $) $74,500 8.00% 30 %24

Date Transaction description Obtained a loan of $41,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024. Paid the full amount owing to Sport Borders, Check No. 603. Payment fell within discount period. Paid the full amount owing to J. J. Spud, Check No. 604. Payment fell within discount period. Made cash sales of $4,184 during the first 3 days of the month. 2 3 Purchased 6 Downhill Snowboards from Good Sports for $180 each, terms 2/10, n/30. Sold 6 Tony Eagle Mark 3 Freestyle Skateboards to Balls 'n All for $204 each, Invoice No. 501. Purchased 5 Freestyle Snowboards with cash for $170 each, Check No. 605. Purchased 5 Pipe Dream surfboards from Sports 'R Us for $150 each, terms net 30. 4 4. 7 After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the…

Loan payment Determine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan. (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Principal $42,000 Interest rate 14% www The amount of the equal, annual, end-of-year payment, CF, is $ Term of loan (years) 20 (Round to the nearest cent.)

View Policies Current Attempt in Progress Windsor Industries borrows $18800 at 8% annual interest for six months on October 1, 2022. Which is the appropriate entry to accrue interest if Windsor employs a December 31, 2022, fıscal year? O Dr Interest Expense $1504 Cr Interest Payable $1504 O Dr Interest Expense $376 Cr Interest Payable $376 O Dr Interest Expense $376 Cr Notes Payable $376 O Dr Notes Payable $1504 Cr Interest Payable $1504 Save for Later Attempts: 0 of 1 used Submit Answer