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FinanceCo lent $9.1 million to Corbin Construction on January 1, 2018, to construct a playground. Corbin signed a three-year, 4 % installment note to be

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FinanceCo lent $9.1 million to Corbin Construction on January 1, 2018, to construct a playground. Corbin signed a three-year, 4 % installment note to be paid in three equal payments at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for FinanceCo's lending the funds on January 1, 2018. 2. Prepare an amortization schedule for the three-year term of the installment note. 3. Prepare the journal entry for the first installment payment on December 31, 2018. 4. Prepare the journal entry for the third installment payment on December 31, 2020. Complete this question by entering your answers in the tabs below. Req 2 Req 1 3 and 4 Prepare an amortization schedule for the three-year term of the installment note. (Enter you Outstanding Balance Decrease in Dec.31 Cash Payment Effective Interest Balance 2018 2019 2020 Req 1 3 and 4>

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