Reference no: EM132865414
Question - Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest on the loan is 8% payable annually starting Dec. 31, 2020. The loan matures in three years on Dec. 31, 2022. Data related to the loan are:
Principal amount 1,500,000
Origination fees charged against the borrower 50,000
Direct Origination cost incurred 130,150
After consideration of the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required:
1. Compute the carrying amount of the loan receivable on December 31, 2020, December 31, 2021, December 31, 2022.
2. Table of amortization for the loan receivable.
3. Prepare the journal entries for 2020, 2021 and 2022.
|
Discuss the anticipated impacts
: Discuss the anticipated impacts (both positive and negative) upon operating efficiencies, and recommend solutions to minimize the negative impacts.
|
|
Explain five factors that can affect population size
: Based on Love and Gold by Arlie Russell Hochschild, why do women leave their own families to work in other countries? What cycle does it create?
|
|
What amount to contribute to a Roth IRA
: Question - In 2018, your adjusted gross income must be less than what amount to contribute to a Roth IRA if you are single
|
|
Contrast authoritarian and democratic political systems
: Compare and contrast authoritarian and democratic political systems. What are revolutions and when are they likely to take place?
|
|
Compute the carrying amount of the loan receivable
: Compute the carrying amount of the loan receivable on December 31, 2020, December 31, 2021, December 31, 2022
|
|
Compare and contrast the three different vendors
: Compare and contrast the three different vendors. Be sure to consider the services, data solutions, and security features they provide.
|
|
What is the hidden curriculum
: Name at least two manifest and two latent functions of education and provide examples of how they affected your educational experience.
|
|
What is the entry to record the receipt of interest income
: ABC Bank granted a loan to a borrower on Jan. 1, 2019. What is the entry to record the receipt of the interest income on December 31, 2019
|
|
Define pay for performance
: Define pay-for-performance. Explain how reimbursement is affected by the pay-for- performance approach.
|