Savannah purchased a certificate of deposit for $10,000 on July 1, 2023. The certificate's maturity value in one year (June 30, 2024) is $10, 500, yielding 5% interest. How much interest income must Savannah recognize in 2023?
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- How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% 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 Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% 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 Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000 O 90,000 O 96,836 O 120,000 O 129,115 O Answer not given7) On December 1, 2022, Olympia Hot Yoga issued a note payable to Columbia Bank for $45,000 with an annual interest rate of 6% and a term of six months (due May 31, 2023). What is the amount of interest expense recognized by Olympia Hot Yoga in 2022? What is the amount of interest expense recognized by Olympia Hot Yoga in 2023? What is the total amount Olympia Hot Yoga will pay to Columbia Bank on the maturity date?
- What is the carrying amount of the loan receivable on December 31, 2022? Beach Bank loaned Boracay Company P7,500,000 on January 1, 2019. The terms of the loan were payment in full on January 1, 2023 plus annual interest payment at 11%. The interest payment was made as scheduled on January 1, 2020. However, due to financial setbacks, Boracay Company was unable to make the 2021 interest payment. Beach Company considered the loan impaired and projected the cash flows from the loan on December 31, 2021. The bank accrued the interest on December 31, 2020, but did not continue to accrue interest for 2021 due to the impairment of the loan. The projected cash flows are: Date of cash flow Amount projected on December 31, 2021 December 31, 2022 500,000 1,000,000 December 31, 2023 December 31, 2024 December 31, 2025 2,000,000 4,000,000 The PV of 1 at 11% is 0.90 for one period, 0.81 for two periods, 0.73 for three periods, and 0.66 for four periods. a. 7,000,000 b. 5,449,600 c. 4,860,000 d.…Florenda Quino Forwarders borrowed P600,000 from the bank on Sept. 1, 2019. The note carried an 8% annual rate of interest and was set to mature on Feb. 29, 2020. Interest and principal were paid in cash on the maturity date. Required: 1. What was the amount of interest expense paid in cash in 2019? 2. What was the amount of interest expense recognized on the 2019 income statement? 3. What was the amount of total liabilities shown on the 2019 balance sheet? 4. What was the total amount of cash that was paid to the bank on Feb. 29, 2020 for principal and interest? 5. What was the amount of interest expense shown on the 2020 income statement?What is the interest income for 2021? Philippine Bank granted a loan to a borrower on January 1, 2021. The interest on the loan is 8% payable annually starting December 31, 2023. Principal amount Origination fee charged against the borrower Direct origination cost incurred 3,000,000 100,000 260,300 After considering the origination fee charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. a. 240,000 O b. 189,618 c. 252,824 O d. 180,000
- The Pita Pit borrowed $191,000 on November 1, 2021, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2022.In connection with this note, The Pita Pit should report interest expense at December 31, 2021, in the amount of: (Do not round your intermediate calculations.)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. 480,000Entei Bank granted a P5,000,000 loan to Raikou Company on January 1, 2020. The annual interest on the loan is 8% payable semi-annually. The loan matures in three years on December 31, 2022. The effective interest rate on the loan is 10%. How much is the total interest income to be presented on the statement of comprehensive income for 2020?
- Assume that a deposit made on January 1, 2020, earns 6% interest. The deposit plus interest accumulated to $50,000 on January 1, 2026. How much was invested on January 1, 2020, if interest was compounded annually? N (period of time) I (Interest) PV (Present Value FV (Future Value) PMT (Annuity) Assume that a deposit made on January 1, 2020, earns 6% interest. The deposit plus interest accumulated to $50,000 on January 1, 2026. How much was invested on January 1, 2020, if interest was compounded semi-annually? N (period of time) | (Interest) PV (Present Value FV (Future Value) PMT (Annuity) Page 1 Assume that a deposit made on January 1, 2020, earns 6% interest. The deposit plus interest accumulated to $50,000 on January 1, 2026. How much was invested on January 1, 2020, if interest was |compounded quarterly? N (period of time) | (Interest) PV (Present Value FV (Future Value) PMT (Annuity) 2 In each of the three scenarios the PV should continue to decrease. Explain why this passes the…the pita pit borrowed 197000 on november 1 2021 and signed a six month note bearing interest at 12%. principal and interest are payable in full at maturity on may 1 2022 in connection with this note. the pita pit should report interest expense at december 31 2021 in the amount of.Sally Corp. borrowed $360,000 from County Bank on January 1, 2020 signing a 15 year note payable. The loan has an interest rate of 4% and a fixed annual payment of $32,379. Annual payments begin January 1, 2021. What amount of the payment made on January 1, 2022 will be interest expense?