A bank granted a 10-year loan to a borrower in the amount of P1,500,000 with...
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Accounting
A bank granted a 10-year loan to a borrower in the amount of P1,500,000 with stated interest rate of 6%. Payments are due monthly and are computed to be P16,650. The bank incurred P40,000 of direct loan origination cost and P20,000 of indirect loan origination cost. The bank charged the borrower a 4-point non-refundable loan origination fee.
What is the carrying amount of the loan receivable to be reported initially by the bank?
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