FinanceCo lent $8 million to Corbin Construction on January 1, 2018, to construct a playground. Corbin signed
Question:
Required:
1. Prepare the journal entry for FinanceCo's lending the funds on January 1, 2018.
2. Prepare an amortization schedule for the three-year term of the installment note.
3. Prepare the journal entry for the first installment payment on December 31, 2018.
4. Prepare the journal entry for the third installment payment on December 31, 2020.
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Step by Step Answer:
1 January 1 2018 Notes receivable 8000000 Cash 8000000 2 Amortization sche...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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