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Find what is carrying amount of loan receivable on december

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Reference no: EM132836918

Problem 1: FERRERO Bank granted a loan to a borrower on January 2, 2018. The interest of the loan is 8% payable annually starting December 31, 2018. The loan matures in three years on December 31, 2020. Data related to the loan are: Principal amount - ? 3,000,000; Origination fees charged against the borrower - ? 100,000; Direct origination cost incurred - ? 260,300; Indirect origination costs - ? 50,000. After considering the origination fees charged to the borrower and the direct origination costs incurred, the effective rate on the loan is 6%. What is the carrying amount of the loan receivable on December 31, 2019

a. ? 3,109,918
b. ? 3,000,000
c. ? 3,160,300
d. ? 3,056,513

Reference no: EM132836918

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