A partial amortization schedule for a 10-year note payable issued on January 1 Year 1, is shown next Accounting Principal Cash Applied to Period Applied to Balance January 1 Payment Interest Principal Year 1 $230,000 $29,786 $11,500 $18,286 Year 2 211,714 29,786 10,586 19,200 Year 3 192,514 29,786 9,626 20,160 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 eamed $68,000 cash revenue and pald $48,000 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? 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 Required 1 Required 02 Required Red Using a financial statement model, record the appropriate amounts for the following two verts () January 1, Year 1, Issue of the note payable (2) December 31 Year 1. payment on the note payable in the statement of cash vows column, indicate whether the item is an operating activity (OA), lovesting activity (IA), or financing activity (FA). Not all coa require inout. Amounts to be deducted and cash outflows should be indicated with a minuts) Show less ce Sheet Income Statement Stores Law Beven Sant of Flowe 1. 2 . . Required 81 > CYC (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 $68,000 cash revenue and paid $48,000 in cash expenses in addition to the interest in Year 1 what is the amount of each of the following th) 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 enterinig your answers in the tabs below. Required A Required 1 Required 2 Required 13 Required If the company Gamed $68,000 cash revenue and paid $40,000 in cash expenses in addition to the Interest in Year 1 what is the amount of cash flow from operating activities for Year 12 (Amount to be deducted and cash outflows should be indicated with minus sign.) Cash flows from operating activities Net cash flow from operating activities 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 61 Required 82 Required 13 Required a If the company earned $68,000 cash revenue and paid $48,000 in cash expenses in addition to the interest in Year 1, what is the amount of cash flow from financing activities for Year 19 (Amounts to be deducted should be indicated with minus sign.) Cash flows from financing activities Net cash flow from financing activities 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 82 Required 83 Required c What is the amount of interest expense on this loan for Year 47 (Round your answer to the nearest dollar amount) Interost expense
