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What is the carrying amount of the loan receivable

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Question - Philippine Bank granted a loan to a borrower on January 1, 2020. The interest on the loan is 8% payable annually starting December 31, 2020. The loan matures in three years on December 31, 2022. Data related to the loan are:

Principal amount 3,000,000

Origination fees charged against the borrower 100,000

Direct origination cost incurred 260,300

After considering the origination fees charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%.

What is the carrying amount of the loan receivable on December 31, 2021?

A. 3,000,000

B. 3,160,300

C. 3,109,918

D. 3,056,513

Reference no: EM132532571

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