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NO EXPLANATION NEEDED, please, just solve everything, would be greatly appreciated (thumbs up)! :) Problem 14.5A Installment notes LO C1 On November 1, 2019, Norwood
NO EXPLANATION NEEDED, please, just solve everything, would be greatly appreciated (thumbs up)! :)
Problem 14.5A Installment notes LO C1 On November 1, 2019, Norwood borrows $460,000 cash from a bank by signing a five-year installment note bearing 9% interest. The note requires equal payments of $118,261 each year on October 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on the note. Period Ending Date Beginning Balance Debit Interest Expense + Debit Notes Payable = Credit Cash Ending Balance 10/31/2020 10/31/2021 10/31/2022 10/31/2023 10/31/2024 Total 1 Record the interest accrued on the note as of December 31, 2019. 2 Record the first installment payment on October 31, 2020. Assume no reversing entries were prepared. Date General Journal Debit Credit Dec 31, 2019 Date General Journal Debit Credit Oct 31, 2020Step by Step Solution
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