Question: Check my work Exercise 14-19 Installment note; lender; amortization schedule LO14-3] FinanceCo lent $87 million to Corbin Construction on January 1, 2018, to construct a
Check my work Exercise 14-19 Installment note; lender; amortization schedule LO14-3] FinanceCo lent $87 million to Corbin Construction on January 1, 2018, to construct a playground. Corbin signed a three-year, 8% installment note to be paid in three equal payments at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) ed Required: 1. Prepare the journal entry for FinanceCo's lending the funds on January 1, 2018 2. Prepare an amortization schedule for the three-year term of the installment note. 3. Prepare the journal entry for the first installment payment on December 31. 2018. 4. Prepare the journal entry for the third installment payment on December 31, 2020. Complete this question by entering your answers in the tabs below Req 2Req 1 3 and 4 Prepare an amortization schedule for the three-year term of the installment note. (Enter your answers in whole dollars.) Dec. 31Cash Payment Effective Interest 2018 2019 2020 Req 1 3 and 4 >
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