PROBLEM 7 - 4 I NEED ANSWER NOW PLEASE THANK YOUUU I WILL GIVE RATING PROMISE

Problem 7-4 (IFRS) On January 1, 2020, Empress Bank granted a loan to a December 31, 2020. The loan matures in three years on on December 31, 2022. Principal amount Direct origination cost incurred Origination fee charged against the borrower 5,000,000 457,500 200,000 After considering the origination fee charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 8%. Required: 1. Determine the carrying amount of the loan on January 1, 2020. 2. Prepare a table of amortization of the direct origination cost. 3. Prepare journal entries for 2020, 2021 and 2022