Question: A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next. Accounting Period Principal Balance January 1 Cash

A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next. Accounting Period Principal Balance January 1 Cash Payment Applied to Interest Applied to Principal Year 1 $310,000 $42,119 $18,600 $23,519 Year 2 286,481 42,119 17,189 24,930 Year 3 261,551 42,119 15,693 26,426 Required Using a financial statements model, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment

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