Question: HELP!!!!! I can't figure out why my first entry amount of 1 0 million is wrong??? FinanceCo lent $ 1 0 . 0 million to
HELP!!!!! I can't figure out why my first entry amount of million is wrong???
FinanceCo lent $ million to Corbin Construction on January to construct a playground. Corbin signed a threeyear, installment note to be paid in three equal payments at the end of each year. FV of $PV of $FVA of $PVA of $FVAD of $andPVAD of $Use appropriatefactors from the tables provided.
Required:
Prepare the journal entry for FinanceCos lending the funds on January
Prepare an amortization schedule for the threeyear term of the installment note.
Prepare the journal entry for the first installment payment on December
Prepare the journal entry for the third installment payment on December
FinanceCo lent $ million to Corbin Construction on January to construct a playground. Corbin signed a threeyear, Installment note to be pald in three equal payments at the end of each year.
Required:
Prepare the Journal entry for FinanceCo's lending the funds on January
Prepare an amortization schedule for the threeyear term of the installment note.
Prepare the Journal entry for the first Installment payment on December
Prepare the Journal entry for the third Installment payment on December
Note: Use tables, Excel, or a financlal calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
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Prepare the journal entries for FinanceCo's lending the funds on January the first installment payment on December and the third installment payment on December
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Enter your answers in whole dollars.
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