On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has...
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On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate of 10% and will be paid semi-annually over two years. The payment terms are a blended payment of $8,235 which includes interest and principal. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. Complete the table to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0. Date Jul 1 2020 Jan 1, 2021 Jul 1, 2021 Jan 1, 2022 Cash Payment Interest Expense Reduction of Principal Principal Balance 21549 8235 584 7651 8235 8235 8235 43098 On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate of 10% and will be paid semi-annually over two years. The payment terms are a blended payment of $8,235 which includes interest and principal. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. Complete the table to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0. Date Jul 1 2020 Jan 1, 2021 Jul 1, 2021 Jan 1, 2022 Cash Payment Interest Expense Reduction of Principal Principal Balance 21549 8235 584 7651 8235 8235 8235 43098
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Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
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