Solved: On december 1 2010 money co gave home co a 200000 what, Financial Accounting

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On december 1 2010 money co gave home co a 200000 what

On December 1, 2010, Money Co. gave Home Co. a $200,000, 11% loan. Money paid proceeds of $194,000 after the deduction of a $6,000 nonrefundable loan origination fee. Principal and interest are due in sixty monthly installments of $4,310, beginning January 1, 2011. The repayments yield an effective interest rate of 11% at a present value of $200,000 and 12.4% at a present value of $194,000. What amount of income from this loan should Money report in its 2010 income statement?

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