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can someone help with this practice quiz? Problem 5: (6 marks) (11 minutes) On December 31, 20x1, the Hanlon Corporation took out a 4%, $500,000
can someone help with this practice quiz?
Problem 5: (6 marks) (11 minutes) On December 31, 20x1, the Hanlon Corporation took out a 4%, $500,000 bank loan. The loan is repayable over 3 years at equal annual repayments of $180.174 on December 31 of each year. The first payment is due on December 31, 20x2 and the last payment is due on December 31, 20x4. Required - a. Prepare an amortization schedule for this loan b. Prepare the journal entry at December 31, 20x3 to record the annual payment Step by Step Solution
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