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On January 1, 2019, Eagle Company borrows $22,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $6,349, consisting

On January 1, 2019, Eagle Company borrows $22,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $6,349, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare an amortization table for this installment note.

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Payments (D) Period Ending Date (A) Beginning Balance (B) Debit Interest Expense (C) Debit Notes Payable Credit Cash (E) Ending Balance 2019 2020 2021 2022 Total $ 0 $ 0

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