Question
On Jan. 1, 2021, XYZ Bank extended a 3-year P5,000,000 loan to ABC Corporation. The interest rate agreed upon is 7%. The bank incurred direct
On Jan. 1, 2021, XYZ Bank extended a 3-year P5,000,000 loan to ABC Corporation. The interest rate agreed upon is 7%. The bank incurred direct and indirect origination costs of P75,100 and P50,000 respectively, but collected origination fees of P328,230 from ABC. The effective interest rate is 9%. What is the total receivable related to the loan to ABC on Dec. 31, 2021?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
