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At what amount should the receivable from the vice-president

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Question - On January 1, 2020, Ironbank grants a 10-year P10,000,000 non-interest bearing advance to its vice-president. The market rate of interest is 12%.

Required -

1. At what amount should the receivable from the vice-president be taken up by Ironbank on January 1, 2020?

2. How much interest income shall be taken up by Ironbank during 2020?

3. Give the entries in the books of Ironbank for the years 2020 and 2021

4. What is the amortized cost of the receivable on December 31, 2021?

Reference no: EM133019917

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