Reference no: EM132816877
Question - Solvent Bank loaned P10,000,000 to a borrower on January 1, 2017. The terms of the loan require principal payments of P2,000,000 each year for 5 years plus interest at 8%. The first principal and interest payment is due on January 1, 2018. The borrower made the required payments on January 1, 2018 and January 1, 2019. However, during 2019 the borrower began to experience financial difficulties, requiring the bank to reassess the collectability of the loan. On December 31, 2019, the bank has determined that the remaining principal payments will be collected but the collection of the interest is unlikely.
The bank has accrued the interest for 2019.Expected principal payments are as follows:
January 1, 2020 - P1,000,000; January 1, 2021- P2,000,000; January 1, 2022 - P3,000,000. (PV Factor - 3 decimal places). What the carrying amount of the Loan Receivable on December 31, 2020?
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