A 9 Loan amount Annual interest rate Number of years until maturity Annual payment amount B $300,000.00 Date Graded Worksheet 7% 4 On January 1, 2024, a company borrows cash from a local bank by issuing a note to be repaid in installments. The details of the installment note are provided below. $88,568.44 C Required: 1. Complete the amortization table based on the information above. 2. Prepare the journal entry for issuance of the note. 3 3. Prepare the journal entry for the first installment payment on December 31, 2024. 4 4. Prepare the journal entry for the second installment payment on December 31, 2025. 5 5 D Cash Paid + Requirement 1: Amortization Schedule (Use cells A2 to B8 from the given information above to complete this question. All values should be 7 shown as positive amounts.) B E Decrease in Interest Expense Carrying Value LL Carrying Value F G H

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Answer To complete the amortization table and prepare the journal entries l... View the full answer