Reference no: EM133011282
Question - On December 1, 2019, Nicole Company gave Dawn Company a 2,000,000, 12% loan. Nicole Company paid proceeds of P1,940,000 after the deduction of a 60,000 nonrefundable loan origination fee.
Principal and interest are due in sixty monthly installments of P44,500, Beginning January 1, 2020,
The repayments yield an effective interest rate of 12% at a present value of P2,000,000 and 13.4% at a present value of P1,940,000.
What is the carrying amount of the loan receivable on December 31, 2019?
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