Pauper Bank

Requirement 1 Date
Debit Credit 01/01/2020.
2020 12/31/2020
Jan-01 Loan Receivable 3,000,000 12/31/2021
Cash 3,000,000 12/31/2022

Direct origination cost 260,300

Cash 260,300 Requirement 2
Noncurrent Asset:
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

2021
Dec-31 Cash 240,000
Interest income 240,000

Interest income 53,405

Direct origination cost 53,405

2022
Dec-31 Cash 240,000
Interest income 240,000

Interest income 56,513

Direct origination cost 56,513

Cash 3,000,000
Loan Receivable 3,000,000
 Interest received (8%) Interest income (6%) Amortization Carrying amount
3,160,300
240,000 189,618 50,382 3,109,918
240,000 186,595 53,405 3,056,513
240,000 183,487 56,513 3,000,000

equirement 2
oncurrent Asset:
Loan receivable 3,000,000
Direct organization cost 109,918
Carrying amount 3,109,918