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How much shall be reported as interest income for 2022?
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- Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019How much shall be reported as interest income for 2022? 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 12,000How much shall be reported as interest income for 2022? 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 O 90,000 O 96,836 O 120,000 O 129,115 O Answer not given
- 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?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%. At what amount shall the loan be initially measured on January 1, 2022?What is the carrying amount of the loan receivable on December 31, 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. 4,000,000 O b. 3,807,900 O c. 3,864,848 O d. 3,750,932
- What 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. 3,711,500For 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%)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.
- 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. 480,000PROBLEM: 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.Philippine 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