What is the interest income and carrying amount of the loans receivable on March 31, 2010?
Q: National Bank granted a 10-year loan to Abbo Company in the amount of P1,500,000 with a stated…
A: Carrying Value at closing = Note receivable + Direct Origination Cost - Non refundable Origination…
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A: Loan origination fees include but are not limited to fees charged to the borrow as prepaid…
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A: Carrying value is the accounting value gauge wherein the value of a firm or resource is determined…
Q: On January 1 2021 Gundy Enterprises purchases an office building for $ 184,000 , paying $ 44.000…
A: Actual payment of loan = $184,000 – $44,000 = $140,000
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A: CARRYING VALUE It refers to the worth of an asset or a debt at the time it was purchased. Carrying…
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A: On 01.01.2020, DAMIPERA corporation provided loan to LAPERA company = Php5000000 Loan term = 5 years…
Q: cember 31, 2023. After
A: Carrying value is the accounting value gauge wherein the value of a firm or resource is determined…
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Q: What is the carrying amount of the loan receivable on December 31, 2021?
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A: 25-May Loan Amount $ 20,000.00 Interest Rate 7.50% 10-Jul Partial…
Q: for the interest income for 2020
A: Since the effective interest rate after considering all the cost have already been provided, we…
Q: KMC Inc. provided a loan to Jim Ltd on January 1st, 2016 and received in exchange a 4-year, $120,000…
A: The note receivable is the assets, for which the cash would be received in future period.
Q: On January 31, 2019, YZ Company engaged in the following transactions: * Obtained a P500,000,…
A: Amount received from loan = Loan amount - discount = P500000 - (500000 * 12% * 6/12) = P470,000
Q: Assume that on December 1, 2015, your company borrowed $15,000, a portion of which is to berepaid…
A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…
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A: The entry for first month loan payment are as follows
Q: On December 1, Milton Company borrowed $390,000, at 7% annual interest, from the Tennessee National…
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Q: er 31, 2020. The loan matures in three years on December 31, 2022. Principal amount 5,000,000 Direct…
A:
Q: On December 1, 20x5, Money Co. gave Home Co. a P200,000, 11% loan. Money paid proceeds of P194,000…
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Q: On January 1, 2023, the city government provided Swerte Company a zero interest, P6,000,000 loan…
A: Grants- Grants are financial assistance to institutions that promote some specially designated…
Q: Suga Bank granted a loan to a borrower on January 1, 2020. The interest rate on the loan is 10%…
A: Carrying value=Principal amount+Direct origination cost-Origination fee received from borrower=P…
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A: The carrying amount of loan is calculated by preparing the amortization schedule and considering the…
Q: At the beginning of the year, your company borrows $33,600 by signing a six-year promissory note…
A: Solution A promissory note is a promise made by a party to pay a specified sum to another party at…
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A: A loan is a debt amount granted by banks or other financial institutions to borrowers. The duration…
Q: Upon January 1, 2020, Sally Corp. borrowed $360,000 from County Bank and signed a 15-year note…
A: It is simply a fee levied against the borrower for the use of an asset. Borrowed assets might…
Q: What is the carrying amount of the loan receivable on January 1, 2021? Appari Bank granted a loan to…
A: Solution- The carrying value of loan receivable on January 1,2021 Will be 4000000. Reason: Direct…
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Q: National Bank granted a 10-year loan to Abbo Company in the amount of P1,500,000 with a stated…
A: The question gives the following information:
Q: Maris Banking Corporation granted a loan to a borrower on January 1, 2020. The interest rate on the…
A: Introduction:- The following basic information as follows:- Loan receivables are balance that is…
Q: ⦁ ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note…
A: Since there are multiple questions, we will solve first for you. To get the remaining questions…
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Q: How much interest expense should be accrued
A: Interest charged on the principal amount at a fixed rate for a fixed period of time is known as…
Q: On January 2, 2021, Tripod Company receives a government loan of P2,000,000 paying a coupon interest…
A:
Q: Required: Based on the result of your audit, determine the following: __________1. Realized income…
A: Given Face value of Grant - P1,000,000 Implicit rate = 10% Term = 3 Years PVF @10% for 3 years =…
Q: On January 31, 2019, YZ Company engaged in the following transactions: • Obtained a P500,000,…
A: Amount received from loan = Loan amount - discount = P500000 - (500000 * 12% * 6/12) = P470,000…
Q: On July 1, 2017. Agincourt Inc. rendered services in exchange for a 4%. 8-year promissory note…
A:
Q: Dove granted an 8%, 3-year ₱6,000,000 loan to Crow Company on January 1, 2020. The interest on the…
A: Following is the answer to the given question
Q: On December 1, 2021, Nicole Company gave Dawn Company a P2,000,000, 12% loan. Nicole Company paid…
A: The following calculations are done for Nicole Company.
Q: Use the information presented below in answering questions 11-15. On December 31, 2018, Tina…
A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case…
Q: On January 1, 2014, Fabco borrowed $5,000,000 from First Bank of Newburg. The loan had a term of…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
On April 2009, Entity A granted Entity Z a 4 year loan amounting to 5,000,000 of direct loan origination cost and receives nonrefundable origination fees amounting to 500,000. the stated interest is 10% payable annually every december 31.
What is the interest income and carrying amount of the loans receivable on March 31, 2010?
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- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Philippine Bank granted a loan to a borrower on January 1, 2017. The interest on the loan is 8% payable anually starting December 31, 2017. The loan matures in three years on December 31, 2019. Principal amount 3,000,000 Origination fee charged against the borrower 100,000 Direct origination cost incurred 260,300 After considering the origination fee charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. 3. What is the carrying amount of the loan receivable on December 31, 2017? a. 3,000,000 b. 3,160,300 c. 3,109,918 d. 3,210,682 4. What is the interest income for 2018? a. 240,000 b. 180,000 c. 248,793 d. 186,595
- On January 1, 20x1, an entity obtains an 11%, P5,000,000 bank loan. The bank charges the entity an 8.74% nonrefundable loan origination fee. The principal on the loan matures on December 31, 20x4 but interest is due annually every December 31. Requirements: Compute for the initial carrying amount of the loan. Compute for the effective interest rate on the loan. Compute for the carrying amount of the loan on December 31 20x1.What is the interest income for 2021? Philippine Bank granted a loan to a borrower on January 1, 2021. The interest on the loan is 8% payable annually starting December 31, 2023. Principal amount Origination fee charged against the borrower Direct origination cost incurred 3,000,000 100,000 260,300 After considering the origination fee charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. a. 240,000 O b. 189,618 c. 252,824 O d. 180,000What is the carrying amount of the loan receivable on January 1, 2021? Appari Bank granted a loan to a borrower on January 1, 2021. The interest rate on the loan is 10% payable annually starting December 31, 2021. The loan matures in five years on December 31, 2025. Principal amount Origination fee received from borrower Direct origination cost incurred 4,000,000 350,000 61,500 The effective rate on the loan after considering the direct origination cost incurred and origination fe received is 12%. a. 4,000,000 O b. 4,650,000 O c. 4,411,500 O d. 3,711,500
- For items 11 to 12 LYR Finance Company reports a loan receivable from Choice Company in the amount of P7,500,000. The initial loan's repayments include a 10% interest rate plus annual principal payment of P1,500,000 on January 1 of each year. The loan was made on January 1, 2021. Choice made the P750,000 interest payments for 2021 but did not make the P1,500,000 principal payment nor the P500,000 interest payment in 2022. Choice is having financial difficulty and LYR has concluded that the loan is impaired. Analysis of Choice's financial condition on December 31, 2022 indicates that the principal and interest currently due can be collected but it is probable that no further interest can be collected. The probable amounts and timing collection are determined as follows: December 31, 2023 December 31, 2024 December 31, 2025 Total P2,140,000 3,400,000 2,950,000 P8,490,000 The present value factors at 10% are as follows: 1 period - 0.909; 2 periods 0.826; 3 periods - 0.751 How much is the…For items 1 to 2 China Bank granted a loan to a borrower on January 1, 2023. The interest rate on the loan is 10% payable annually starting December 31, 2023. The loan matures in five years on December 31, 2027. The data related to the loan are: Principal amount Direct loan origination cost Indirect loan origination cost Origination fee received from borrower P4,000,000 104,410 72,880 526,450 Note: Round-off to four decimal places the PV Factors. The effective interest rate of the loan is? (Round off answer to nearest whole number, e.g. 4%)What is the interest income for 2021? National Bank granted a loan to a borrower on January 1, 2021. The interest on the loan is 10% payable annually starting December 31, 2021. The loan matures in three years on December 31, 2023. Principal amount Origination fee charged against the borrower Direct origination cost incurred 4,000,000 342, 100 150,000 After considering the origination fee charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 12%. a. 400,000 O b. 380,900 c. 456,948 O d. 480,000
- PROBLEM: EB Bank granted a loan to a borrower on January 1, 2019. The interest on the loan is 10% payable annually starting December 31, 2019. The loan matures in three years on December 31, 2021. The principal amount of loan is P3,500,000. In addition, direct origination cost incurred amounted to P70,000, and indirect origination cost incurred, P35,000. Finally, origination fee charged against the borrower amounted to P238,000. a) Compute for the carrying amount of the loan receivable on January 1, 2019. b) The new effective rate after considering the origination fees and costs incurred is 12%. Prepare a table of amortization for the loan receivable. c) Prepare journal entries for 2019 and 2021.Mermaid Bank granted a loan to a borrower on January 1, 2020. The interest on the loan is 12% payable annually starting December 31, 2020. the loan matures in three years on December 31, 2022. Principal amount 4,000,000 Direct origination cost incurred 80,000 Indirect origination cost incurred 40,000 Origination fee received from the borrower 310,000 a. Compute for the carrying amount of the loan receivable on January 1, 2020. b. Interest income for 2020 c. Carrying amount of the loan receivable on December 31, 2020.All In Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 10% 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, P 1,000,000 Origination fee received from the borrower, P 55,200 Direct origination cost paid, P 30,770 Indirect origination cost paid, P 5,000 After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 11%. What is the carrying value of the loan receivable on December 31, 2023 in Megabank's accounting books?
