The following instalment payment schedule is for an instalment note payable: Instructions a. Is this a fixed

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The following instalment payment schedule is for an instalment note payable:

Instructions
a. Is this a fixed principal or blended payment schedule?
b. What is the interest rate on the note?
c. What is the maturity date on the note?
d. Prepare the journal entry to record the first instalment payment.
e. What are the non-current and current portions of the note after the second payment

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Accounting Principles Volume 2

ISBN: 9781119786634

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Jan 26, 2023 07:03 AM

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The following instalment payment schedule is for an instalment note payable: Instructions a. Is this a fixed

Question:

Interest Period Cash Payment Interest Expense of Principal Jan. 1, 2024 July 1, 2024 Jan. 1, 2025 July 1, 2025 Jan. 1, 2026 $28,710 27,840 26,970 26,100 Reduction Principal Balance $6,960 6,090 5,220 4,350 $21,750 21,750 21,750 21,750 $174,000 152,250 130,500 108,750 87,000

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a This is a fixed principal loan as principal is being reduced by 21750 each sixmonth pe...View the full answer

Accounting Principles Volume 2

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