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It's due tonight, please help! Required information [The following information applles to the questions displayed below] On January 1,2024, Monster Corporation borrowed $26 million from
It's due tonight, please help!
Required information [The following information applles to the questions displayed below] On January 1,2024, Monster Corporation borrowed \$26 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $7,675,931 on December 31 of each year. The poyments include interest at a rete of 7%. Required: 1. Record the cash received when the note is issued. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account fleld. Enter your answer in dollars, not millions fi.e, $5.5 million should be entered as 5,500,000).) Required information The following information applies to the questions displayed belows] On January 1,2024, Monster Corporation borrowed $26 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $7,675,931 on December 31 of each year. The payments include interest at a rate of 7% 3. Use amounts from the amortization schedule to record each installment payment. af no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions, (i.e.4 $5.5 million should be entered as 5,500,000,y Required information The following information applies fo the questions displayod below] On January 1, 2024, Monster Corporation borrowed $26 million from a local bank to construct a new highway over the next four years. The loon will be paid back in four equal installments of $7,675,931 on December 31 of each year. The payments include interest at a rate of 7%. 2. Prepare an amortization schedule over the four-year life of the installment note. (Round your final answers to the nearest dollar amount. Enter your answer in dollars, not millions. (1.e., $5.5 million should be entered as 5,500,000.).) Step by Step Solution
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