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PROBLEM - On January 1, 2020, Lunox Bank granted a 12%, P5,000,000 loan to Nana Company. The loan is payable in 5 years. Interest is payable every end of the year. The bank incurred origination costs of P281.100. Nana company was charged P98,500 of origination fees. Present value of 1 at 10% for 5 periods is 0.621; Present value of an ordinary annuity at 10% for 5 periods is 3.791: Present value of 1 at 11% for 5 periods is 0.593; Present value of an ordinary annuity at 11% for 5 periods is 3.696.
1. At what amount should the loan receivable be initially recognized?
2. How much is the interest income in 2020?
3. What is the balance of direct origination cost on December 31, 2020?
4. At what among should the loan receivable be reported in the ?nancial statements on December 31, 2020?
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