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Answer with complete solutions. Heritage Bank granted a loan to a...

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Accounting

Answer with complete solutions.
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Heritage Bank granted a loan to a borrower on January 1, 2023. The interest on the loan is 10% payable annually starting December 31, 2023. The loan shall mature on December 31, 2025 After considering the origination fee charged against the borrower and direct origination cost incurred, the effective rate on the loan is 12% 1. What is the carrying amount of the loan receivable on January 1, 2023? (2pts) 2. What amount should be recognized as interest income for 2023? (2pts) 3. What is the carrying amount of the loan receivable on December 31, 2023? (2pts) 4. What amount should be recognized as interest income for 2024? (2pts)

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