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On January 1, 2023, Cardinal Corporation purchased a truck for $50,000, paying cash of $6,000 and financing the rest with a 4-year, 7% note,
On January 1, 2023, Cardinal Corporation purchased a truck for $50,000, paying cash of $6,000 and financing the rest with a 4-year, 7% note, with monthly payments of $1,500. Complete the loan amortization schedule below and prepare the journal entries for the first two loan payments. Loan amortization schedule: Date Payment Interest Principal Loan Balance Jan 1 44,000 Feb 1 Mar 1 Debit Credit
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
14th Edition
978-0132960649, 132960648, 132109174, 978-0132109178
