A partial amortization schedule for a note payable with interest paid annually that was issued on January 1, Year 1, is shown next: Accounting Period Year 1 Principal balance January 1 $ 418,000 Required A Cash Payment $ 54,500 Required: a. What is the annual rate of interest charged on this loan? b. Using the horizontal 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. Required B Complete this question by entering your answers in the tabs below. Applied to Interest $ 16,720 Annual rate of interest What is the annual rate of interest charged on this loan? Applied to Principal $ 37,780 %

A partial amortization schedule for a note payable with interest paid annually that was issued on January 1 , Year 1 , is shown next: Required: a. What is the annual rate of interest charged on this loan? b. Using the horizontal 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. Complete this question by entering your answers in the tabs below. What is the annual rate of interest charged on this loan? (2) December 31, Year 1, payment on the note payable Complete this question by entering your answers in the tabs below. Using the horizontal 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. Note: In the Statement of Cash Flows column, use OA to designate operating actwity, IA for investment activity, and FA for finunong activity. Enter any decreases to acceunc balancos and cash outflaws with a minus sign. Leave celis Blank d no input is needed