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Determine the carrying amount of loan payable on january

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Reference no: EM132971088

On January 1, 2021, Thurman Co. borrowed 10%, 3,000,000, five-year loan from National Bank. Interests are payable annually starting December 31, 2021. National charges 5% non-refundable loan origination fee representing service fee.

Required:

Problem 1: Determine the following (PV factor round off to 4 decimal places & show the amortization table)

a. Carrying amount of the loan payable on January 1, 2021.
b. Carrying amount of the loan payable on December 31, 2021.
c. Total interest expense for the year ended December 31, 2021.

Reference no: EM132971088

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