Chapter 1 Problem 5-25
2008
Jan. 1 Loan receivable 3,000,000
Cash 3,000,000
Direct origination cost 260,300
Cash 260,300
Cash 100,000
Direct origination cost 100,000
Dec. 31 Cash 240,000
Interest income 240,000
Interest income 50,382
Direct origination cost 50,382
(8%) (6%)
Date Interest received Interest income Amortization Carrying value
01/01/2008 3,160,300
12/31/2008 240,000 189,618 50,382 3,109,918
12/31/2009 240,000 186,595 53,405 3,056,513
12/31/2010 240,000 183,487 56,513 3,000,000
2009
Dec. 31 Cash 240,000
Interest income 240,000
Interest income 53,405
Direct origination cost 53,405
2010
Dec. 31 Cash 240,000
Interest income 240,000
2010
Dec. 31 Interest income 56,513
Direct origination cost 56,513
Cash 3,000,000
Loan receivable 3,000,000
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