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What is the balance of direct origination cost on december

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On January 1, 2020, Lunox Bank granted a 12%, P5,000,000 loan to Nana Company. The loan is payable in 5 years. Interest is payable every end of the year. The bank incurred origination costs of P281,100. Nana company was charged P98,500 of origination fees. Present value of 1 at 10% for 5 periods is 0.621; Present value of an ordinary annuity at 11% for 5 periods is 3.696

Problem 1: How much is the interest income in 2020?

Problem 2: What is the balance of direct origination cost on December 31, 2020?

Problem 3: At what amount should the loan receivable be reported in the financial statements on December 31, 2020?

Reference no: EM132913386

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