On January 1, 2020, Thames Company purchases a vehicle and signs a six-year loan for $60,000 at

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On January 1, 2020, Thames Company purchases a vehicle and signs a six-year loan for $60,000 at 4 percent. Their accountant started the following table:

a. Complete the partial amortization schedule assuming they will make a blended monthly payment of $980. Round all amounts to two decimal places.

b. At the end of 2020, what amount would be shown on the balance sheet for the current portion of the loan?

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Horngrens Accounting

ISBN: 9780135359785

11th Canadian Edition Volume 2

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood

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Question Posted: Aug 09, 2021 03:09 AM

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On January 1, 2020, Thames Company purchases a vehicle and signs a six-year loan for $60,000 at

Question:

А B D E F Blended Beginning Monthly Interest Principal Balance Ending Payment Expense Payment Balance 1 Period 2 Jan. 1, 2020 60,000.00 3 Jan. 31, 2020 4 Feb. 29, 2020 5 Mar. 31, 2020 6 Apr. 30, 2020 7 May 31, 2020 8 Jun. 30, 2020

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Horngrens Accounting

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