On December 31, 2020, Sack Port Ventures Inc. borrowed $103,000 by signing a four-year, 8.0% installment...

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On December 31, 2020, Sack Port Ventures Inc. borrowed $103,000 by signing a four-year, 8.0% installment note. The note requires annual payments of accrued interest and equal amounts of principal on December 31 of each year from 2021 through 2024. a. How much principal will be included in each of the four payments? Amount of principal in each payment ok at nces b. Prepare an amortization table for this installment note. (Round the final answers to the nearest whole dollar. Enter all the amounts es positive values.) Payments Ending Balance Year Beginning Balance Interest Notes Cash Ending Expense Payable 2021 2022 2023 2024 Total %24 0. $4 $4 Saved 2 c. Prepare journal entries that Sack Port Ventures InC. would make to record the loan on December 31, 202O, and the four payments starting on December 31, 2021, through the final payment on December 31, 2024. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list eBook Journal entry worksheet Print 1 Terences Record the borrowal of $103,000 by signing a 8.0% installment note. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Clesen On December 31, 2020, Sack Port Ventures Inc. borrowed $103,000 by signing a four-year, 8.0% installment note. The note requires annual payments of accrued interest and equal amounts of principal on December 31 of each year from 2021 through 2024. a. How much principal will be included in each of the four payments? Amount of principal in each payment ok at nces b. Prepare an amortization table for this installment note. (Round the final answers to the nearest whole dollar. Enter all the amounts es positive values.) Payments Ending Balance Year Beginning Balance Interest Notes Cash Ending Expense Payable 2021 2022 2023 2024 Total %24 0. $4 $4 Saved 2 c. Prepare journal entries that Sack Port Ventures InC. would make to record the loan on December 31, 202O, and the four payments starting on December 31, 2021, through the final payment on December 31, 2024. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list eBook Journal entry worksheet Print 1 Terences Record the borrowal of $103,000 by signing a 8.0% installment note. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Clesen

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ote Payable A longterm liability that reflect... View the full answer