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5. (14 points) Mesa Corp Company purchased an asset that cost $100,000 on January 1, 2014. Arrangements were made with the supplier to pay $10,000

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5. (14 points) Mesa Corp Company purchased an asset that cost $100,000 on January 1, 2014. Arrangements were made with the supplier to pay $10,000 cash on January 1, 2014, and the balance was to be paid over a three-year period, with equal annual payments of $36,190 to be made at the end of 2014, 2015, and 2016. Each payment will include principal plus interest on the unpaid balance at 10% per year. A. Complete the following table: Reduction in Principal Winpaid Principal Date Payment Interest Expense 01 01 14 12 31 14 12 3115 12 3116 Totals *Round to reduce principal to zero. B. Prepare the joumal entry for the payment on December 31, 2015

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