On January 1, 20x1, SUBDUE Co. borrowed 10%, P4, 000, 000 loan from CONQUER Bank. Principal is due on January 1, 20x4 but interests are due annually starting January 1, 20x2. SUBDUE was charged by the bank a 3% nonrefundable loan origination fee representing service fee. How much is the carrying amount of the note on initial recognition?

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Completing the Accounting cycle

An accounting cycle is a multiple-step process that analyzes, verify, record and summarize the entities financial data. The accounting cycle starts when the transaction occurs between two parties and ends when the transaction is completed. The accounting cycle changes the entity's financial position as it involves identifying, verifying, and recording the financial transaction in chronological order. Financial position is the summary of business transactions that occurred throughout the particular accounting period. The accounting cycle recurs at the beginning of each financial year.