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

A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next: Accounting Principal Period Balance January 1 Cash Payment Applied to Applied to Interest Principal Year 1 Year 2 $230,000 $29,786 $11,500 $18,286 Year 3 211,714 192,514 29,786) 10,586 19,200 29,786 9,626 20,160 Required a. 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 on the note payable. b. If the company earned $68,000 cash revenue and paid $48,000 in cash expenses in addition to the interest in Year 1, what is the amount of each of the following? (1) Net income for Year 1. (2) Cash flow from operating activities for Year 1. (3) Cash flow from financing activities for Year 1. c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below.

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