On January 1, 2021, Pohanka porrows $200,000 cash from a bank by signing a 3-year installment...

 

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On January 1, 2021, Pohanka porrows $200,000 cash from a bank by signing a 3-year installment note bearing 8% interest. The note requires-fear equal payments of $77,607, consisting of accrued interest and principal on December 31 of each year from 2021 through 2023. Round to the nearest dollar.. 1. Complete the following amortization table Period ending date 12/31/2021 12/31/2022 12/31/2023 2. Beginning balance Interest expense Notes payable Cash Ending balance Prepare journal entry to record the first installment payment. You do not need to provide explanation for the entry. 3. Prepare journal entry to record the second installment payment. You do not need to provide explanation for the entry. On January 1, 2021, Pohanka porrows $200,000 cash from a bank by signing a 3-year installment note bearing 8% interest. The note requires-fear equal payments of $77,607, consisting of accrued interest and principal on December 31 of each year from 2021 through 2023. Round to the nearest dollar.. 1. Complete the following amortization table Period ending date 12/31/2021 12/31/2022 12/31/2023 2. Beginning balance Interest expense Notes payable Cash Ending balance Prepare journal entry to record the first installment payment. You do not need to provide explanation for the entry. 3. Prepare journal entry to record the second installment payment. You do not need to provide explanation for the entry.

Answer rating: 100% (QA)

Req1 Period Ending Date Beginning Balance Interest Expense Notes Payable Cash Endi... View the full answer