Lily Pewshun negotiated a three-year, 9%, $46,000 loan from her bank. It called for three equal-sized year-end
Question:
Lily Pewshun negotiated a three-year, 9%, $46,000 loan from her bank. It called for three equal-sized year-end payments.
a. Determine the amount of her payment each year (round to the nearest dollar).
b. Show how the loan, and each of the three payments, would be entered into her accounting system (round each amount to the nearest dollar). Use the format shownbelow.
Transcribed Image Text:
ASSETS +OWNERS EQUITY Contributed Retained Capital Earnings Other Cash Assets Date Accounts
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a The size of the payment is solved by the following equation PVA P...View the full answer
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Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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