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On January 1, 2019, Eagle Company borrows $20,000 cash by signing a four-year, 7% installment note. The note requires four equat payments of $5,905, consisting

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On January 1, 2019, Eagle Company borrows $20,000 cash by signing a four-year, 7% installment note. The note requires four equat payments of $5,905, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (A) (B) (C) Beginning Debit interest Debit Notes Balance Expense Payable $ 20,000 $ 1.400 (E) Ending Balance $ Period Ending Date 2019 2020 2021 2022 (D) Credit Cash 5,905 5,905 5,905 0 - 14,095 - 12,695 $ 20,000 20,000 $ 5,905 23,620 Total $ ances

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