Lake Company sold some machinery to View Company on January 1, 2008 for which the cash selling
Question:
Lake Company sold some machinery to View Company on January 1, 2008 for which the cash selling price was \($758,200\). View entered into an installment sales contract with Lake at a 10%
interest rate. The contract required payments of \($200,000\) a year over five years with the first payment due on December 31, 2008.
Required:
Prepare an amortization schedule that shows what portion of each \($200,000\) payment will be shown as interest income over the period 2008-2012.
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