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Question - On April 1, 2021, Lunar Company loaned P20,000,000 to Eclipse Company. The loan is to repayable after 5 years. Interest on this loan is 3% annuallly every April 1 of each year starting 2022. Direct origination cost of P478,991 was paid by Lunar and direct origination fee was deducted to the proceeds received by Eclipse Company. The interest effective on this loan is 5% after the origination costs and fees.
Required -
1. How much is the direct origination fee?
2. What is the carrying value of the loan on December 31, 2020?
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