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Marigold purchased a new piece of equipment to be used in its new facility. The $441,000 piece of equipment was purchased with a $42.000 down
Marigold purchased a new piece of equipment to be used in its new facility. The $441,000 piece of equipment was purchased with a $42.000 down payment and with cash received through the issuance of a $399,000, 10%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $105,255 on December 31. (a) Prepare an installment payments schedule for the first three payments of the notes payable. (Round answers to 0 decimal places, eg. 15,250.) Cash Payment Interest Expense Reduction of Principal Annual Interest Period Issue Date 1 $ $ $ $ N 3 4 5
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