On January 1, 2021, Pharoah Corp. borrows $17.400 by signing a 3-year, 6% note payable. The...

    

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On January 1, 2021, Pharoah Corp. borrows $17.400 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment $ eTextbook and Media List of Accounts Question Part Score 5800 --/2 Question Part Score Prepare an instalment payment schedule for the note. Cash payment $ eTextbook and Media Interest Expense $ Reduction of Principal $ Principal Balance $ 111 111 --/2 Prepare journal entries to record the note and the first instalment payment. (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 0 for the amounts.) Date Jan. 1, 2021 Dec. 31, 2021 Account Titles and Explanation (To record issuance of note.) (To record payment on note.) eTextbook and Medial List of Accounts Debit Credit Question Part Score What amounts would be reported as current and non-current in the liabilities section of Pharoah's balance sheet at December 31, 2021? Current liability $ Non-current liability $ eTextbook and Media List of Accounts --/4 On January 1, 2021, Pharoah Corp. borrows $17.400 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment $ eTextbook and Media List of Accounts Question Part Score 5800 --/2 Question Part Score Prepare an instalment payment schedule for the note. Cash payment $ eTextbook and Media Interest Expense $ Reduction of Principal $ Principal Balance $ 111 111 --/2 Prepare journal entries to record the note and the first instalment payment. (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 0 for the amounts.) Date Jan. 1, 2021 Dec. 31, 2021 Account Titles and Explanation (To record issuance of note.) (To record payment on note.) eTextbook and Medial List of Accounts Debit Credit Question Part Score What amounts would be reported as current and non-current in the liabilities section of Pharoah's balance sheet at December 31, 2021? Current liability $ Non-current liability $ eTextbook and Media List of Accounts --/4

Answer rating: 100% (QA)

Annual principal payment 174003 5800 Reduction of Principal Cash Payment 6844 6496 6148 Interest E... View the full answer