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What is the entry to record the receipt of interest income

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Reference no: EM132865411

Question - ABC Bank granted a loan to a borrower on Jan. 1, 2019. The interest on the loan is 10% payable annually starting Dec. 31, 2019. The loan matures in five years on Dec. 31, 2023. The data related to the loan are:

Principal amount 8,000,000

Origination fees received 700,000

Direct Origination cost incurred 123,000

The effective rate on the loan after considering the direct origination cost and the origination fee received is 12%.

Required - What is the entry to record the receipt of the interest income on December 31, 2019?

Reference no: EM132865411

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