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On January 1, 2021, Eagle Company borrows $20,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $5,905,
On January 1, 2021, Eagle Company borrows $20,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $5,905, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments Period Ending (A) Beginning (B) Debit Interest (C) Debit Notes Date (E) Ending Balance Balance Payable (D) Credit Cash Expense 2021 2022 2023 2024 Total
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Financial Accounting Information For Decisions
Authors: John J. Wild
10th Edition
1260705587, 978-1260705584
