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What is the balance of unearned interest income on December

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Problem - On January 1, 2020, 300 loaned to ACE Company, P1,000,000 with 10% interest and a term of ?ve years. Direct origination costs incurred amounted to P27,500. Origination fees charged to ACE was P100,00. Effective rate is 12%. (Round-off answers to whole peso)

Required -

1. On January 1, 2020, at what amount should the Loan Receivable be debited?

2. What is the balance of the unearned interest income on December 31, 2021?

Reference no: EM133005379

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