Questions:1. The carrying amount of the loan receivable at December 31, 2022 is?2. The interest income to be recognized in 2024 is? Please include solutions. Thank you! Jem Riane Delos Reyes Bank granted a loan of P3,000,000 to a borrower on January 1, 2021.The terms of the loan were payment in full on December 31, 2026 plus annual interest paymentat 8% every December 31. The first interest payment was made on December 31, 2021.However, on December 31, 2021, due to financial difficulties, the borrower informed FreetownBank that it would probably miss the interest payments for the next two years. After that, theborrower expects to resume the annual interest payment but the principal would be paid onDecember 31, 2027 or one year late with interest paid for that additional year. Accordingly, thepayments from the borrower are scheduled as follows:Date of Flow Cash FlowAmount12/31/2022 No interest payment Nil12/31/2023 No interest payment Nil12/31/2024 Interest payment12/31/2025 Interest payment12/31/2026 Interest payment12/31/2027 Interest paymentP 240,000240,000240,000240,0003,000,000Principal payment34. The carrying amount of the loan receivable at December 31, 2022 is:35. The interest income to be recognized in 2024 is:

The bank has granted a loan of P 3000000 on 1st January 2021 at interest rate of 8%. The first…

Answered: Questions: 1. The carrying amount of…

Questions: 1. The carrying amount of the loan receivable at December 31, 2022 is? 2. The interest income to be recognized in 2024 is? Please include solutions. Thank you

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

a) Based on your prepared amortization schedule for Concert Time Again, Inc term loan, what is the remaining loan balance after the 4th payment AND which financial statement would that amount appear on? Type the financial statement in the text box below and write the Dollar Amount on your PDF upload Financial Statement b) Based on your prepared amortization schedule, what is the interest expense for this loan after the 4th payment AND which financial statement would this appear on? Assume the first 4 payments are in the same accounting period that is presented on the financial statement. Type the financial statement in the text box below and write the Dollar Amount on your PDF upload Financial Statement c) What will the loan balance be after the 60th payment? $
If you were given a choice of investing in an account that paid quarterly interest and one that paid monthly interest, which one should you choose if they both offer the same stated interest rate and why?
You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1 3 4 6 $40,000
Need only handwritten solution only (not typed one).
Calculate the missing information for the installment loan that is being paid off early. Number ofPayments PaymentsMade PaymentsRemaining Sum-of-the-Digits PaymentsRemaining Sum-of-the-Digits Numberof Payments RebateFraction 18 7
Complete each requirement on a separate worksheet. Each requirement must have a user input section. Makeup and enter your own numbers for the user inputs for each requirement. Requirements: 1. Create a user input section for the user to input the annual effective interest rate and number of periods per year. Calculate the annual nominal interest rate. 2. The user can invest money at the end of each year. Create a user input section for the user to input the amount that they will invest at the end of each year. Using an annual interest rate of 9%, how much will the user have at the end of 7 years? 3. The user wants to save money to buy a new car 10 years from today. The new car will cost $125,000. Create a user input section for the user to input the amount that they can invest at the beginning of each year. What annual interest rate will they need to earn to have enough cash to buy the car 10 years from today? 4. The user wants to save $60,000.00 for a once in a lifetime…
What is the right answer from A to D? Please help me
Calculate the missing information for the installment loan that is being paid off early. Number ofPayments PaymentsMade PaymentsRemaining Sum-of-the-Digits PaymentsRemaining Sum-of-the-Digits Numberof Payments RebateFraction 18 4
Prove the loan payment formula, shown below. PMT=Prn1−1+rn−nt Question content area bottom Part 1 Manipulate the formula shown below to prove the loan payment formula. The left side of the equation is the future value of the principal amount and the right side is the future value of the loan payments. First, solve the equation for PMT. P1+rnnt = PMT1+rnnt−1rn
Next Question Find the total installment cost and the finance charge for an installment loan with these co Amount Financed Down Payment Cash Price Number of Payments Amount of Payment Total Installment Cost Finance Charge $120 none $120 15 $10 $ $ The total installment cost is $ The finance charge is $
To calculate the withdrawal amount from an account in which you want to maintain a static balance, you use the __________________ formula. Group of answer choices Installment Payment Simple Interest Annuity Compound Interest
Who is the person who will receive lifetime payments from an annuity? OA) Administrator O B) Decedent OC) Executor OD) Annuitant