Question: Required information AOL REQUIRED Problem 9.2A (Algo) Prepare amortization schedule and record installment notes (LO9. 2) [The following information applies to the questions displayed below]
Required information AOL REQUIRED Problem 9.2A (Algo) Prepare amortization schedule and record installment notes (LO9. 2) [The following information applies to the questions displayed below] On January 1, 2024, Evanston Corporation borrowed $4 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $1,552,134 on December 31 of each year. The payments include interest at a rate of 8%. AOL REQUIRED Problem 9-2A (Algo) Part 3 Create an amortization schedule for this loan on scratch paper. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transoction/event, select "No Journal Entry Required" in the first occount field. Enter your onswer in dollars, not millions. (i.e., $5,5 milition should be entered as 5,500,000.).)
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