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do not use previously answered questions to complete this they are incorrect On November 30, 2020, Calla Resources Ltd. borrowed $140,000 from a bank by
do not use previously answered questions to complete this they are incorrect
On November 30, 2020, Calla Resources Ltd. borrowed $140,000 from a bank by signing a fouryear installment note bearing interest at 6%. The terms of the note require equal payments each year on November 30, starting November 30, 2021. Use TABLE 14A 2 (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the size of each installment payment. (Do not round Intermediate calculations. Round the final answer to the nearest whole dollar.) Payment 2. Complete an installment note amortization schedule for this note. (Do not round Intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Beginning Balance Period Interest Expense Payments Debit Notes Payable Credit Cash Ending Balance Period Ending Nov. 30/21 Nov. 30/22 Nov. 30/23 Nov. 30/24 Totals 0 $ os $ 0 3. Present the journal entries that Calla would make to record accrued interest as of December 31, 2020 (the end of the annual reporting period), and the first payment on the note. (Do not round Intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 2 Record the first payment made on installment note. Note: Enter debits before credits Date General Journal Debit Credit November 30, 2021 Record entry Clear entry View general journal 4. Now assume that the note does not require equal payments but does require four payments that include accrued interest and an equal amount of principal in each payment. Complete an installment note amortization schedule for this note. Present the journal entries that Calla would make to record accrued interest as of December 31, 2020 (the end of the annual reporting period), and the first payment on the note. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Payments Beginning Balance Period Interest Expense Debit Notes Payable Credit Cash Ending Balance Period Ending Nov. 30/21 Nov. 30/22 Nov. 30/23 Nov. 30/24 Totals 0 $ 0 $ 0 $ 0 View transaction list X 1 Record the accrued interest on the installment note payable. 2 Record the first payment made on installment note Rate Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 1591 1 2 3 4 5 6 7 B 9 10 11 12 13 14 15 16 17 18 19 20 25 30 35 40 0.9901 0.9804 0.9709 0.9615 0.9524 09434 0.9346 09259 0.9174 09091 08929 0.8696 1.9704 1.9416 1.9135 1.8861 1.8594 1.8334 1.8080 1.7833 1,7591 1.7355 1.6901 16257 29410 28839 28286 2.7751 2.7232 26730 2.624325771 25312 24869 24018 22832 3.9020 3.8077 3.7171 3.6299 3.5460 3.4651 3.3872 3.3121 3.2397 3.1699 3.0373 2.8550 4.8534 471354.579744518 43295 421244.10023992738897 3.7908 3.6048 33522 5.7955 5.6014 5.4172 5.2421 50757 4.9173 4.7665 4.62294.48594.3553 4.1114 37845 67282 6.4720 6.23036.0021 57864 55824 53893 5.2064 5.033048684 4.5638 41604 7.6517 7.3255 7,0197 6.7327 6.4632 6.2098 5.9713 5.7466 5.5348 5.3349 4.9675 44873 8.5660 8.1622 7.7861 74353 7.1078 6.8017 6.5152 6.2469 5.9952 57590 53282 4.7716 9.4713 8.9826 8.5302 8.11097.7217 7.3G01 70236 6.7101 64177 6.1446 5.6502 50188 103676 9.78689.2526 8.7605 33064 7.88697.498771390 68052 6.4951 59377 5.2337 11.2551 10.5753 0.9540 9.38518.8633 838387.0427 7.5361 7.1607 6.8137 6.1944 5.4206 12.1337 11 3484 10.6350 9.9856 93936 8.8527 8.35777.9038 74869 7.1034 6.4235 5.5831 13.0037 12.1062 11.2961 10.5631 98986 9.2950 8.74558.24427.78627.3667 6.6282 57245 13.651 128493 11.9379 11.1184 10.37979.7122 9.1070 8.5505 80607 7.6061 68109 5.8474 14.7179 13.5777 12.5611 11.6523 10.8378 10.1059 0.4466 88514 83126 7.8237 6.9740 5.9542 15.5623 14.2910 13.1661 12.1657 11.2741 10.4773 9.7632 0.1216 8.5436 80216 7.1196 60472 16.3983 14.9920 13.7535 12.6503 11.6096 10.8276 10.0591 93719 8.75563.2014 72497 61200 17.2260 15,6785 14.3238 13.1339 120853 11.1581 10,3356 9.6036 8.9501 8.3649 73658 6.1982 100456 163514 14.8775 135903 42.4622 11.4699 10.5940 0.8181 9.1285 05136 74694 6.2593 22.0232 19.5235 17.4131 15.6221 14,0939 12.7834 116536 10,674898226 9.0770 78431 6.4641 25 8077 22.3965 196004 17.2920 15 3725 13.7648 12.4090 11.2578 10.2737 9.4269 8.0552 6.5660 29.4086 24 9986 214872 18 6646 163742 14.4982 12.9477 11 6546 105668 9.6442 8.1755 66166 32,8347 27.2555 23,1146 19.7928 17.1591 15.0463 133317 11.9246 10.7574 9.7791 82438 66418 Step by Step Solution
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