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Question - On December 31, 2020, JKL Bank granted a P5,000,000 loan to a borrower with 10% stated rate payable annually and maturing in 5 years. The loan was discounted at the market interest rate of 12%. Unfortunately, the financial condition of the borrower worsened because of lower revenue. On December 31 ,2022, the bank determined that the borrower would pay back only P3,000,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid on the P5,000,000 loan. The present value of 1 at 12% is 0.57 for five periods and 0.71 for three periods. In addition, the present value of an ordinary annuity of 1 at 12% is 3.60 for five periods and 2.40 for three periods. Compute for the impairment loss on loan receivable to be recognized in 2022.
Grant Company acquired 40% of the voting stock of Jake Corporation on January 1, 2016, for $50,000,000. Calculate the balance in Investment in Jake
Prepare the Income Statement, Statement of Owner's Capital and Balance Sheet for Ace Lawn
Compute the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places
What type of fraudulent activity could this have been and what type of testing could have been included in the audit to discover it? What can auditors do to verify inventory levels and that no fraudulent activity is occurring between annual inven..
What is the difference between a cost center and a profit center? Describe the difference between a centralized and a decentralized management style
Leon owns all six hundred (600) shares of the outstanding stock of Crane Corporation (Earnings And Profits (E&P) of $1,000,000). Leon had acquired the stock ten (10) years ago for $450,000.
What is the implication for the numbers on a balance sheet? What is the difference in timing between the income statement and the balance sheet
The annual yield on the company's debt is 8% and the required rate of return on the stock is 13.6%. What is company's WACC? Assume the tax rate is 30%
Austal Ship also forecasts 3.67%, 4.45%, and 4.60% LIBOR in year1, year2, and year3, respectively. How much total interest Austal Ship needs to pay
The demand for greater transparency from consumers and stakeholders across the world has pushed the areas of ethics and compliance up the corporate list.
On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the rece..
Calculate the ending balance of each phone accounts after journal entries are posted utility expense $365 accounts payable 3 and 65 hours number
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