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SIZE-A Bank extended a 12% P 5,000,000 loan to XYZ, Inc. SIZE-A Co. incurred direct loan originzation costs of P 100,000. SIZE-A charged XYZ, Inc.

SIZE-A Bank extended a 12% P 5,000,000 loan to XYZ, Inc. SIZE-A Co. incurred direct loan originzation costs of P 100,000. SIZE-A charged XYZ, Inc. 6% service charge.

Requirement: Compute for the carrying amount of the loan at initial recognition.

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