On January 1, 2021, Company borrows $30,000 cash by signing a four-year, 7% installment note. The...

 

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On January 1, 2021, Company borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare an amortization table for this installment note. Note: Round all amounts to the nearest whole dollar. Payments Period Ending (A) Beginning Date Balance (B) Debit Interest Expense (C) Debit Notes Payable (D) Credit Cash (E) Ending Balance 2021 $ 30,000 $ 2,100 2022 2023 2024 Total $ 2,100 $ 0 On January 1, 2021, Company borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare an amortization table for this installment note. Note: Round all amounts to the nearest whole dollar. Payments Period Ending (A) Beginning Date Balance (B) Debit Interest Expense (C) Debit Notes Payable (D) Credit Cash (E) Ending Balance 2021 $ 30,000 $ 2,100 2022 2023 2024 Total $ 2,100 $ 0

Answer rating: 100% (QA)

Amortization Table for Companys 4Year 7 Installment Note Period Ending Date A Beginning Balance B De... View the full answer