Question: The following partial payment schedule is for a $ 75,000 note the Steiner Corporation issued for cash on October 31, 2010. If Steiner has a

The following partial payment schedule is for a $ 75,000 note the Steiner issued for cash on October 31, 2010. If Steiner has a December 31 fiscal year- end, make the entries for the issuance of the note and through December 31, 2010.

Period Payment Interest Principal 10/31/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 $1,415.34 1415.34 1,415.34 1,415.34 $312.50 307.90 303.29 298.66 $1,102.84 1,107.44 1,112.05 1,116.68 Carrying Value $75,000.00 73,897.16 72,789.72 71,677.68 70,560.99

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