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FinanceCo lent $8 million to Corbin Construction on January 1, 2016, to construct a playground. Corbin signed a three-year, 6% installment note to be paid

FinanceCo lent $8 million to Corbin Construction on January 1, 2016, to construct a playground. Corbin signed a three-year, 6% installment note to be paid in three equal payments at the end of each year

Prepare an amortization schedule for the three-year term of the installment note 12/

12/31 cash payment effective investm decrease in balance outstanding balance
2016
2017
2018

Record the first installment payment on December 31, 2016.

Record the third installment payment on December 31, 2018.

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