On January 1, 2023, Oriole Corp. lent $44,000 to its CEO, interest-free. The loan is repayable in full in five years. The market rate forsimilar loans (with similar credit risk) is 4%。Prepare the journal entry to record this transaction.
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- On January 1, 2023, Oriole Corp. lent $44,000 to its CEO, interest-free. The loan is repayable in full in five years. The market rate forsimilar loans (with similar credit risk) is 4%。Calculate the present value (fair value) of this loan.GadubhaiAll 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?
- On September 1, 2022, Accounts receivable in the amount of $900,000 were assigned as collateral to the Credit Suisse Finance Company by Gemini, Inc., as security for a loan of $750,000. The finance company assessed a 5% finance charge on the face amount of the loan, and the note bears interest at 9% per year. During the month of September, Gemini collected $425,000 on assigned accounts. This amount was remitted to Credit Suisse along with one month's interest on the note on October 1, 2022. Instructions Make all the journal entries for Gemini Inc. associated with the transfer of the accounts receivable, the loan, and the remittance to the Credit Suisse.On December 31, 2023, Bramble Link Corporation received a four-year, 6%, $764,000 bank loan. The terms provide for payment of the bank loan with semi-annual instalment payments of $108,837 principal and interest, starting on June 30. Bramble has a March 31 year end and records adjusting entries annually. (a) Your answer is correct. Record the receipt of the bank loan on December 31, 2023, (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry) Date Account Titles Dec. 31 Cash Bank Loan Payable Debit 764000 Credit 764000On Jan 1st, 2022, Saturn borrows $2,000,000 from Orange Bank and pledges $2,500,000 of its accounts receivables as collateral. Saturn pays a 1% finance fee for the borrowing and the interest is 8% on the note. Record the journal entry on Jan 1st, 2022.
- On January 2, 2025, Jensen Company borrowed $150,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 6% annual interest. Compute the amount of each of these payments, assuming they begin on December 31, 2025.On September 1, 2024, Lindsey Engineering borrows $414,000 cash. The loan is made by Firstlending, under the agreement that Lindsey will repay the principal with four payments of $103,500. Payments are due by October 1 each year, with the first payment being due October 1, 2025 (next year). Interest on the borrowing is 6%, and Lindsey's year end is December 31. 1. Record the long-term note payable by Lindsey Engineering. 2. RECORD the adjusting entry for interest on December 31, 2024. 3. Record the entry to reclassify the current portion of the note on December 31, 2024.On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. (a) Question Part Score (b) Question Part Score (c) 2/2 6/6 Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date > Account Titles Debit
- On October 1, 2023, Parton Industries borrowed $12 million cash to provide working capital. The loan was made by Second Bank under a short-term line of credit. Parton issued an 8-month, “noninterest-bearing note.” 8% is the bank’s stated “discount rate.” Parton’s fiscal period is the calendar year. In Parton’s 2023 income statement interest expense for the note will be:The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2024 January 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $34.0 million at the bank’s prime rate. February 1 Arranged a three-month bank loan of $10.0 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was payable at maturity. May 1 Paid the 10% note at maturity. December 1 Supported by the credit line, issued $19.0 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9% discount rate. December 31 Recorded any necessary adjusting entry(s). 2025 September 1 Paid the commercial paper at maturity. 1. Record the payment of the 10% note at maturity. 2. Record the issuance of $19.0 million of commercial paper on a nine-month note, supported by the…The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2024 January 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $27.5 million at the bank’s prime rate. February 1 Arranged a three-month bank loan of $5.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 7% was payable at maturity. May 1 Paid the 7% note at maturity. December 1 Supported by the credit line, issued $17.3 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 6% discount rate. December 31 Recorded any necessary adjusting entry(s). 2025 September 1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liability. Note: Do not round intermediate calculations. If no entry is…
