Business, 28.12.2019 04:31 chynahgibsonwinfrey
On may 31, 20x5, fox co. gave owl co. a $400,000, 11% loan. fox paid owl proceeds of $388,000 after the deduction of a $12,000 nonrefundable loan origination fee. principal and interest are due in 5 annual installments, beginning may 31, 20x6. the repayments yield an effective interest rate of 11% at a present value of $400,000 and 12.4% at a present value of $388,000. what amount of income from this loan should fox report in its 20x5 income statement?
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On may 31, 20x5, fox co. gave owl co. a $400,000, 11% loan. fox paid owl proceeds of $388,000 after...
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