Question
On January 1, 2023, Martineau Corp. issued a 5-year, 5% installment note payable for $104,000 to finance upgrading its current equipment. The companys year end
On January 1, 2023, Martineau Corp. issued a 5-year, 5% installment note payable for $104,000 to finance upgrading its current equipment. The companys year end is December 31. The repayment of $11,883 is done semi-annually on January 1 and July 1.
Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. Assuming an equal installment amount of $11,883, fill in the following table and determine the total interest expense incurred over the 5-year term. 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 | Cash Payment | Interest Expense | Reduction of Principal | Principal Balance |
| Jul 1, 2023 | Answer
| Answer
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| Jan 1, 2024 | Answer
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| Jul 1, 2024 | Answer
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| Jan 1, 2025 | Answer
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| Jul 1, 2025 | Answer
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| Jan 1, 2026 | Answer
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| Jul 1, 2026 | Answer
| Answer
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| Jan 1, 2027 | Answer
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| Ju1 1, 2027 | Answer
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| Answer
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| Jan 1, 2028 | Answer
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