Question: fill in the blank: Prepare an effective interest amortization table for the note. Sunland Incorporated issued a $101,000, 5-year, zero-interest-bearing note to Culver Corp. on

fill in the blank: Prepare an effective interest amortization table for the note. Sunland Incorporated issued a $101,000, 5-year, zero-interest-bearing note to Culver

fill in the blank: Prepare an effective interest amortization table for the note.

Sunland Incorporated issued a $101,000, 5-year, zero-interest-bearing note to Culver Corp. on January 1, 2020, and received $59,000 cash. Sunland uses the effective interest method. (a) Your answer is correct. Using (1) a financial calculator or (2) Excel function Rate, calculate the implicit interest rate. (Round answer to 2 decimal places, e.g. 52.25%.) Implicit interest rate 11.35 % Schedule of Discount Amortization Effective Interest Method Interest Discount Expense Amortized Carrying Amount Date Jan. 1 2020 $ Dec. 31 2020 ta $ Dec. 31 2021 Dec. 31 2022 Dec. 31 2023 Dec. 31 2024 ta $

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