On November 30, 2020, Calla Resources Ltd. borrowed $160,000 from a bank by signing a four-year...
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On November 30, 2020, Calla Resources Ltd. borrowed $160,000 from a bank by signing a four-year installment note bearing interest at 12%. The terms of the note require equal payments each year on November 30, starting November 30, 2021. Use TABLE 14A.2 (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the size of each installment payment. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Payment ces 2. 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.) Payments Period Interest Debit Ending Balance Credit Beginning Balance Period Ending Notes Payable Cash Expense Nov. 30/21 Nov 30/22 Nov. 30/23 On November 30, 2020, Calla Resources Ltd. borrowed $160,000 from a bank by signing a four-year installment note bearing interest at 12%. The terms of the note require equal payments each year on November 30, starting November 30, 2021. Use TABLE 14A.2 (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the size of each installment payment. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Payment ces 2. 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.) Payments Period Interest Debit Ending Balance Credit Beginning Balance Period Ending Notes Payable Cash Expense Nov. 30/21 Nov 30/22 Nov. 30/23
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Answer Explanation 1 Size of each installment Loan amountPresent value factor for 4 years at 12 ... View the full answer
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
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