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Problem 3. ALL & PLL Suppose a bank has an allowance for loan losses of $800,000 at the beginning of the year, charges current income
Problem 3. ALL & PLL Suppose a bank has an allowance for loan losses of $800,000 at the beginning of the year, charges current income for a $150,000 provision for loan losses, charges off worthless loans of $180,000, and recovers $20,000 on loans previously charged off. What will be the balance in the allowance for loan losses at year-end?
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