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- Amount of an Annuity Beginning December 31, 2023, 5 equal annual withdrawals are to be made. Required: Using the appropriate tables, determine the equal annual withdrawals if 25,000 is invested at an interest of 12% compounded annually on: 1. January 1, 2023 2. December 31, 2023 3. January 1, 2020Required information [The following information applies to the questions displayed below.] At the end of 2025, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $36,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. • Assume that $12,000 of the $36,000 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. • By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,300 during the year and recorded those as Deferred Revenue. • Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $15,000. • For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year,…Required information [The following information applies to the questions displayed below.] At the end of 2025, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $36,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. • Assume that $12,000 of the $36,000 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. • By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,300 during the year and recorded those as Deferred Revenue. • Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $15,000. • For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year,…
- At the end of 2022, the following information is available for Great Adventures.• Additional interest for five months needs to be accrued on the $30,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31.• Assume that $10,000 of the $30,000 loan discussed above is due next year.• By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $25,000 during the year and recorded those as Deferred Revenue.• Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $12,000.• For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $4,000.Required:1. Record each of the transactions above on December 31, 2022.2. If the likelihood of payment for the…What is the interest income for 2021? National Bank granted a loan to a borrower on January 1, 2021. The interest on the loan is 10% payable annually starting December 31, 2021. The loan matures in three years on December 31, 2023. Principal amount Origination fee charged against the borrower Direct origination cost incurred 4,000,000 342, 100 150,000 After considering the origination fee charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 12%. a. 400,000 O b. 380,900 c. 456,948 O d. 480,000What is the carrying amount of the loan receivable on January 1, 2021? Appari Bank granted a loan to a borrower on January 1, 2021. The interest rate on the loan is 10% payable annually starting December 31, 2021. The loan matures in five years on December 31, 2025. Principal amount Origination fee received from borrower Direct origination cost incurred 4,000,000 350,000 61,500 The effective rate on the loan after considering the direct origination cost incurred and origination fe received is 12%. a. 4,000,000 O b. 4,650,000 O c. 4,411,500 O d. 3,711,500
- National Bank granted a loan to borrower on January 1, 2021. The interest on the loan is 10% payable annually starting December 31, 2021. The loan matures in thee years on December 21, 2023. Principal amount 4,000,000Origination fee charges against the borrower 342,100Direct Origination Cost incurred 150,000 What is the carrying amount of the loan receivable on January 1, 2021? a. 4,000,000b. 3,807,900c. 4,150,000d. 3,657,900For items 1 to 2 China Bank granted a loan to a borrower on January 1, 2023. The interest rate on the loan is 10% payable annually starting December 31, 2023. The loan matures in five years on December 31, 2027. The data related to the loan are: Principal amount Direct loan origination cost Indirect loan origination cost Origination fee received from borrower P4,000,000 104,410 72,880 526,450 Note: Round-off to four decimal places the PV Factors. The effective interest rate of the loan is? (Round off answer to nearest whole number, e.g. 4%)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 8,000,000Origination fees received 700,000Direct Origination cost incurred 123,000The effective rate on the loan after considering the direct origination cost and the origination fee received is 12%. 1.What is the entry to record the receipt of the interest income on December 31, 2019?2.What is the interest income for 2019?
- 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 8,000,000Origination fees received 700,000Direct Origination cost incurred 123,000The effective rate on the loan after considering the direct origination cost and the origination fee received is 12%.1.What is the entry to record the receipt of the interest income on December 31, 2019?Awesome Bank granted a loan to a borrower on January 1, 2020. The interest rate on the loan is 10% payable annually starting December 31, 2020. The loan matures in five years on December 31, 2024. Principal amount 4,000,000 Direct origination cost 61,500 Origination fee received from the borrower 350,000 The effective rate on the loan after considering the direct origination cost and origination fee received is 12%. Required: 1. Compute the carrying amount of the loan receivable on January 1, 2020. 2. Prepare a table of amortization for the loan receivable. 3. Prepare the journal entries for 2020 and 2021.All In Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 10% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount, P 1,000,000 Origination fee received from the borrower, P 55,200 Direct origination cost paid, P 30,770 Indirect origination cost paid, P 5,000 After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 11%. At what amount shall the loan be initially measured on January 1, 2022?