A partial amortization schedule for a 10 year note payable issued on January 1 Year 1. is shown next Accounting Principal Cash Applied to Applied to Period Balance January 1 Payment Interest Principal Year 1 $300,000 10,760 $18.000 $22,760 Year 2 277,240 40,760 16,634 24, 126 Year 3 253, 114 40,760 15,187 25,573 Required a. Using a financial statements model record the appropriate amounts for the following two events (1) January 1 Year issue of the note payable (2) December 31, Year 1. payment on the note payable b. If the company earned $82,000 coth revenue and paid $55,000 in cash expenses in addition to the interest in Year 1, what is the amount of each of the following 1 Net Income for Year 1. ) Cash flow from operating activities for Year 1 (3) Cash flow from financing activities for Year 1 c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. Required A Required i Required 02 Required 63 Required Using a financial statements model, record the appropriate amounts for the following two events (1) January 1, Year 1, Issue of the note payable (2) December 31, Year 1, payment on the note payable. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA). Investing activity (IA), or financing activity (FA) Not all cells require input. Amounts to be deducted and cash outflows should be indicated with a minus sign.) Show less Financial Statement Model Balance Sheet Income Statement Event No Staunt of Cash Stockholders Annets Liabilities Revenue Equity Expenses Flow Net Income 300.000 300,000 - 300.000 DA (40,760) - (22.760) (18.000) 18,000 (18.000) (18.000) OA (22.760) FA 1 2 - Required 34 > A partial amortization schedule for a 10-year note payable issued on January 1, Year 1. is shown next: Accounting Principal Cash Applied to Applied to Period Balance January 1 Payment Interest Principal Year 1 $300,000 $40,760 $18,000 $22,760 Year 2 277,240 40,760 16,634 24, 126 Year 3 253, 114 40, 760 15, 187 25,573 Required a. Using a financial statements model, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment on the note payable. b. If the company earned $82,000 cash revenue and paid $55,000 in cash expenses in addition to the interest in Year 1, what is the amount of each of the following? (1) Net income for Year 1. (2) Cash flow from operating activities for Year 1. (3) Cash flow from financing activities for Year 1. ht ences c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required 3 Required C If the company earned $82,000 cash revenue and paid $55,000 in cash expenses in addition to the interest in Year 1, what As the amount of Net income for Year 1? $ 82,000 Revenue Expenses Operating expenses Interest expense $ 55,000 18,000 Total expenses Net Income (73,000) 9,000 $ A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next Accounting Principal Cash Applied to Applied to Period Balance January 1 Payment Interest Principal Year 1 $300,000 $48,760 $18,000 $22,760 Year 2 277,240 40,760 16,634 24, 126 Year 3 253, 114 40,760 15,187 25,573 Required a. Using a financial statements model, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. 2) December 31, Year 1, payment on the note payable. b. If the company earned $82,000 cash revenue and paid $55,000 in cash expenses in addition to the interest in Year 1, what is the amount of each of the following? (1) Net income for Year 1. (2) Cash flow from operating activities for Year 1. (3) Cash flow from financing activities for Year 1 c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. Required A Required 1 Required B2 Required Reduired What is the amount of interest expense on this loan for Year 47 (Round your answer to the nearest dollar amount.) Interest expense
