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Prepare the journal entries related to the loan

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Reference no: EM132875882

Problem - On January 1, 2009, Giannis granted a 4-year loan to a borrower in the amount of $50,000,000. The company incurs $2,000,000 direct loan origination cost and receives nonrefundable origination fee amounting to $5,003,850. The stated interest is 10% payable annually every December 31. The prevailing market rate for a loan of this type is 12%.

Required -

Prepare the journal entries related to the loan.

How much is the interest income for 2009?

How much is the carrying amount of the loans receivable on December 31, 2009?

Reference no: EM132875882

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