On January 1 A Company Borrowed Cash By Issuing A 400 000 8 Installment Note To Be Paid In Three Equal Payments At 1 (19.91 KiB) Viewed 28 times
On January 1, a company borrowed cash by issuing a $400,000, 8%, installment note to be paid in three equal payments at the end of each year beginning December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second installment payment. Complete this question by entering your answers in the tabs below. Annual Payment Amort Table General Journal What would be the amount of each installment? (Round final answer to the nearest whole dollar.) Annual Payment Annual Payment Amort Table>
Complete this question by entering your answers in the tabs below. Annual General Amort Table Payment Journal Prepare an amortization table for the installment note. (Round your intermediate and final answers to the nearest whole dollar.) Cash Payment Interest Expense Decrease in Balance Outstanding Balance S 400,000 1 2 3 Total < Annual Payment General Journal >
Prepare the journal entry for the second installment payment. (Round your intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 > Record the second installment payment. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
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