On December 31, 2020, Sack Port Ventures Inc. borrowed $90,000 by signing a four-year, 5% installment note.

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On December 31, 2020, Sack Port Ventures Inc. borrowed $90,000 by signing a four-year, 5% installment note. The note requires annual payments of accrued interest and equal amounts of principal on December 31 of each year from 2021 through 2024.

a. How much principal will be included in each of the four payments?

b. Prepare an amortization table for this installment note like the one presented in Exhibit 14.18.

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Fundamental Accounting Principles Volume II

ISBN: 978-1260305838

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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Question Posted: Dec 18, 2019 06:18 AM

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On December 31, 2020, Sack Port Ventures Inc. borrowed $90,000 by signing a four-year, 5% installment note.

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a The amount of principal in each payment 900004 pmts 22500 b Amortization table ...View the full answer

Fundamental Accounting Principles Volume II

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