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On January 1, 2020, the bank lent the Artura company $200,000 at an interest rate of 8%. The bank loan requires annual payments over a
On January 1, 2020, the bank lent the Artura company $200,000 at an interest rate of 8%. The bank loan requires annual payments over a period of four years. The company's year and is Docember 31. Required: i Calculate the missing amount in the notes instalment schedule below: a) Record the receipt of the bank loan on January 1, 2020 m) Record the first instalment payment on December 31, 2020, iv) What are the current and non-current portions of the bank loan payable as at December 31, 20213 Your response must be included in the box below. No exceptions. CO Calculate the missing amount in the notes instalment schedule: Interest period Cash payment Issue Date interest expense Reduction of principal Principal Balance $200,000 December 31, 2020 $60,384 $155,616 December 31, 2021 $12,449 December 31, 2022 $8,614 December 31, 2023 $55,911 $0
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