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 $370,000 $52,680 $25,900 $26,780
Year 2 343,220 52,680 24,025 28,655
Year 3 314,565 52,680 22,020 30,660

  1. If the company earned $96,000 cash revenue and paid $62,000 in operating expenses in addition to the interest in Year 1, what is the amount of each of the following?
    1. (3) Cash flow from financing activities for Year 1.

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