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Needing help FinanceCo lent $8.4 million to Corbin Construction on January 1, 2018, to construct a playground. Corbin signed a three-year, 4% installment note to
Needing help
FinanceCo lent $8.4 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 S1. PVA of $1. FVAD of S1 and PVAD of S1 (Use appropriote 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 instalilment payment on December 31. 2020 ok Complete this question by entering your answers in the tabs below int Req 2 Req 1 3 and 4 Prepare an amortization schedule for the three-year term of the installment note. (Enter your answers in whiole dollars) Dec. 31 Cash Payment Effective Interest Decrease inOutstanding rint erences 2018 2019 2020 Req 1 3 and 4 Step by Step Solution
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