Question: AOL REQUIRED Problem 9-2A (Algo) Prepare amortization schedule and record installment notes (LO92) [The following information applies to the questions displayed below] On January 1,
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AOL REQUIRED Problem 9-2A (Algo) Prepare amortization schedule and record installment notes (LO92) [The following information applies to the questions displayed below] On January 1, 2024, Rosemont Corporation borrowed $8 million from a local bank to construct a new bullding over the next three years. The loan will be paid back in three equal installments of $2,882,788 on December 31 of each year. The payments include interest at a rate of 4%. AOL REQUIRED Problem 9-2A (Algo) Part 3 Create an amortization schedule for this Ioan on scratch paper. Use amounts from the amortization schedule to record each nstallment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).) Journal entry worksheet Record the payment of first annual installment on the note payable. Note Enter debits betore dedts. Journal entry worksheet Record the payment of second annual installment on the note payable. Note: Enter debits before credits. Journal entry worksheet Record the payment of third annual installment on the note payable. Note: Enter debits before credits
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