Use the information in Exercise 14 14 to prepare the journal
Use the information in Exercise 14-14 to prepare the journal entries for Eagle to record the loan on January 1, 2013, and the four payments from December 31, 2013, through December 31, 2016.
In Exercise 14-14, On January 1, 2013, Eagle borrows $ 100,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2013 through 2016.
1. Compute the amount of each of the four equal total payments.
2. Prepare an amortization table for this installment note like the one in Exhibit 14.14.
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