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Bilbo Baggins borrows $35,000 cash from Gandalf the Grey on January 1, 20x2. In exchange, Bilbo signs an installment note. Terms of the note require

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Bilbo Baggins borrows $35,000 cash from Gandalf the Grey on January 1, 20x2. In exchange, Bilbo signs an installment note. Terms of the note require that Bilbo make four payments of $10,333 on December 31 of each year from 20x2 through 20x5. Each payment consists of accrued interest and principal. The installment note carries 7% annual interest rate. In the space provided below, prepare Bilbo's amortization table. (Round all entries to the nearest whole dollar.) Bilbo's Payments (B) (c) Debit Interest Debit Notes Expense Payable (A) Beginning Balanco Period Ending Date 20x2 (D) Credit Cash (E Ending Balance 20x3 20x4 20x5 Total ME Graw Bilbo Baggins borrows $35,000 cash from Gandalf the Grey on January 1, 20x2. In exchange, Bilbo signs an installment note. Terms of the note require that Bilbo make four payments of $10,333 on December 31 of each year from 20x2 through 20x5. Each payment consists of accrued interest and principal. The installment note carries 7% annual interest rate. In the space provided below, prepare Bilbo's amortization table. (Round all entries to the nearest whole dollar.) Bilbo's Payments (B) (c) Debit Interest Debit Notes Expense Payable (A) Beginning Balanco Period Ending Date 20x2 (D) Credit Cash (E Ending Balance 20x3 20x4 20x5 Total ME Graw

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