E$10-17($Algo$)($Supplement $10$D$)$ Interpreting an Amortization Schedule and Preparing Journal Entrles

$[$LO $10-$S$4]$

The following amortization schedule indicates the interest and principal to be repaid on an installment note established January $1.$

$2021,$ for a company with a March $31$ fiscal year$-$end.

Required:

Assuming the company makes the required annual payments on December $31,$ use the amortization schedule to determine $($a$)$ the

amount of the $($rounded$)$ annual payment; $($b$)$ the amount of Interest Expense to report in the year ended March $31,2021$; $($c$)$ the

amount of Interest Expense to report in the year ended March $31,2022$; $($c$)$ the Notes Payable balance at January $1,2024$; and $($e$)$

the total interest and total principal paid over the note's entire life

Assuming the company makes adjustments at the end of each fiscal year, prepare the journal entries required on $($a$)$ January $1,2021.$

and $($b$)$ March $31,2021.$

Complete this question by entering your answers in the tabs below.

Required $1$

Assuming the company makes the required annual payments on December $31,$ use the amortization schedule to determine

$($a$)$ the amount of the $($rounded$)$ annual payment; $($b$)$ the amount of Interest Expense to report in the year ended March $31,$

$2021$; $($c$)$ the amount of Interest Expense to report in the year ended March $31,2022$; $($d$)$ the Notes Payable balance at

January $1,2024$; and $($e$)$ the total interest and total principal paid over the note's entire life. $($Round your answers to the

nearest whole dollar amount.$)$