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On January 1, 2021, Eagle Company borrows $19,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $5,737,
On January 1, 2021, Eagle Company borrows $19,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $5,737, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare an amortization table for this installment note. Note: Round all amounts to the nearest whole dollar. Payments (C) Debit Notes Payable (D) Credit Cash (E) Ending Balance Period Ending (A) Beginning (B) Debit Interest Date 2021 2022 2023 2024 Balance Expense Total $ 0 $ 0
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
