Question
Example Six: On January 1, 2018, a company borrowed $58,000 for 3 years at 4% interest. The loan requires 3 annual payments of $20,900 on
Example Six:
On January 1, 2018, a company borrowed $58,000 for 3 years at 4% interest. The loan requires 3 annual payments of $20,900 on December 31 each year.
Complete the amortization schedule for this loan. (Round amounts up to nearest dollar.)
| Date | Cash Paid | Interest Expense | Decrease in Carrying Value (Principal Repayment) | Carrying Value (Principal Balance) |
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Prepare the journal entry to record the loan at inception on January 1, 2017
| Account Name | Debit | Credit |
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Prepare the journal entry to record payment at December 31, 2019.
| Account Name | Debit | Credit |
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Marketing Audit Benefits How A Marketing Audit Improves Your Business's Performance
Authors: Sharita Winder
1st Edition
B0BQXYKYYL, 979-8371064820
