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Compute for the carrying amount of the loan on december

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Reference no: EM132841472

On Jan. 1 20x1, Hexatonic Bank extended a P2,000,000, 10% loan to XYZ, Inc. Principals is due on Dec. 31, 20x3 but interests are due annually at each year end. Hexatonic Bank incurred P24,000 direct loan origination costs and P16,000 indirect loan origination costs of, and charged XYZ a 6 point non refundable loan origination fee.

Requirement:

Problem 1: Compute for the carrying amount of the loan on Dec. 31, 20x1.

Reference no: EM132841472

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