Question: Need help solving part c for this question plz :) Question 4 A local company has just approached a venture capitalist for financing to develop


Need help solving part c for this question plz :)
Question 4 A local company has just approached a venture capitalist for financing to develop a ski hill. On April 1, 2017, the venture capitalist lent the company $1,080,000 at an interest rate of 5%. The loan is repayable over four years in fixed principal payments. The first payment is due March 31, 2018. The ski hill operator's year end will be December 31. v (a) Your answer is correct. Record the issue of the note payable on April 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 Cash 1,080,000 Notes Payable 1,080,000 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 2 of 3 used (b) Your answer is correct. Calculate the amount of the fixed principal payment. Fixed principal payment 270,000 (c) Your answer is partially correct. Try again. Prepare an instalment payment schedule. Period Cash Payment Interest Expense Principal Reduction Balance Apr. 1, 2017 1,080,000 X Mar. 31, 2018 270,000 54,000 216,000 864,000 X Mar. 31, 2019 270,000 43,200 226,800 637,200 Mar. 31, 2020 270,000 31,860 238,140 399,060 X Mar. 31, 2021 270,000 19,953 250,047 149,013 Total 1,080,000 149,013 930,987 $
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