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On January 1, 2017, Eagle borrows $27,000 cash by signing a four-year, 9% installment note. The note requires four equal payments of $8,334, consisting of
On January 1, 2017, Eagle borrows $27,000 cash by signing a four-year, 9% installment note. The note requires four equal payments of $8,334, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Prepare an amortization table for this installment note. Payments (A) (B) (C) (D) (E) Period Ending Date Credit Beginning Balance Debit Interest Expense Debit Notes Payable Ending Balance Cash 2017 2018 IT 2019 2020 Total
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