Question: Annual payment, amortization table & Journal entry for second installment On January 1, a company borrowed cash by issuing a $410,000, 5%, installment note to

Annual payment, amortization table & Journal entry for second installment

On January 1, a company borrowed cash by issuing a $410,000, 5%, installment note to be paid in three equal payments at the end of each year beginning December 31. (EV of $1. PV of S1, EVA of $1. PVA of $1. EVAD of S1 and PVAD OLS:1) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second installment payment. Complete this question by entering your answers in the tabs below. Annual Payment Amort Table General Journal What would be the amount of each installment? (Round final answer to the nearest whole dollar) Annual Payment Amort Table> Annual Payment Amort Table General Journal Prepare an amortization table for the installment note. (Round you dollar.) Cash Payment Interest Expense Decrease in Balance Outstanding Balance $ 410,000 1 N 3 Total

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