Reference no: EM132818423
Safari Bank granted a loan to a borrower on Jan. 1, 2020. The interest 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:
Problem 1. Compute the carrying amount of the loan receivable on December 31,2020, December 31, 2021, December 31, 2022.
Problem 2. Table of amortization for the loan receivable.
Problem 3. Prepare the journal entries for 2020, 2021 and 2022.
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