Question: A B C D E ABC, Inc. borrowed $100,000 by issuing an 8%, 3-year note on January 1, 2022. Date Cash Payment Interest Payment Principal

A B C D E ABC, Inc. borrowed $100,000 by issuing an 8%, 3-year note on January 1, 2022. Date Cash Payment Interest Payment Principal Payment Outstanding Balance - Credit: Cash Account Debit: Interest Expense Debit: Notes Payable - The note will be fully paid at maturity on December 31, 2024. Payment Amount 8% X Previous E Current B - Current C Previous E - Current D ABC makes annual payments of $38,803 beginning December 31, 2022. January 1, 2022

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