Question: PLS HELP I can't figure out value for Repaid principal on N/P for Req. 1 13 Cucina Corporation signed a new installment note on January






PLS HELP I can't figure out value for Repaid principal on N/P for Req. 1
13 Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $59,000 in its bank account. The note has a 3-year term, compounds 5 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. 2 points Required: eBook 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Print References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do not round intermediate calculations. Round final answers to nearest whole dollar.) Beginning Notes Payable Interest Expense Repaid Principal on Notes Payable Ending Notes Payable Year 2021 $ 59,000 $ 2,950 Year 2022 Year 2023 $ 2,950 $ 0 Journal entry worksheet Record the signing of the installment note on January 1, 2021. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Journal entry worksheet Record the installment payment on December 31, 2023. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2023 Record entry Clear entry View general journal Journal entry worksheet
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