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How much is the interest expense on December

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Problem - AAA Bank granted a loan to a borrower on January 1, 2019. The interest rate on the loan is 10% payable annually starting DECEMBER 31, 2019. The loan matures in five years on December 31, 2023. Principal amount - 1,200,000; Direct origination cost - 18,450; Origination fee received from borrower - 105000. The effective rate of the loan after considering the direct origination cost and origination fee received is 12%.

Required -

How much is the carrying amount of the loans receivable on December 31, 2019?

How much is the interest expense on December 31, 2020?

How much is the Unearned interest Income on December 31, 2020?

Reference no: EM132915713

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