Question: Crane Electronics issues a $ 366,500, 5%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing
Crane Electronics issues a $ 366,500, 5%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $ 47.463. Payments are due on December 31. (a) Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, eg. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Ba Issue Date 1 $ N
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