On November 3 0 , 2 0 2 3 , Calla Resources Ltd . borrowed $ 1
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Question:
On November Calla Resources Ltd borrowed $ from a bank by signing a fouryear installment note bearing interest at The terms of the note require equal payments each year on November starting November Use TABLE AUse appropriate factors from the tables provided.
Required:
Calculate the size of each installment payment. Do not round intermediate calculations. Round the final answer to the nearest whole dollar.
Complete an installment note amortization schedule for this note. Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.
Present the journal entries that Calla would make to record accrued interest as of December the end of the annual reporting period and the first payment on the note. Do not round intermediate calculations. Round the final answers to the nearest whole dollar.
Now assume that the note does not require equal payments but does require four payments that include accrued interest and an equal amount of principal in each payment. Complete an installment note amortization schedule for this note. Present the journal entries that Calla would make to record accrued interest as of December the end of the annual reporting period and the first payment on the note. Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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