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What value of loans was admin bank expecting to write-off

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Question - In early January, Admin Bank decided to set its allowance for loan losses at 2% of total loans by the end of December of the same year. Its January provisions for doubtful debts (in the statement of financial position) were $45 million, total loans were $3,000 million in January and loans were expected to grow 14% during the year. Admin Bank planned to make an additional contribution of new provisions during the year totalling $41.4 million. It estimated that it would recover $7 million on previously written-off loans. What value of loans was Admin Bank expecting to write-off during the year?

Reference no: EM132564361

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