On January, 1, 202x, XAM Corporation borrowed $95,550 from the Brandon Bank by signing a 3 3-year installment note. The terms of the note called for EQUAL TOTAL PAYMENTS at the end of each year, starting December 31, 202x. Interest is calculated at 8% (compounded annually). (Round all answers to the nearest dollar.) Part A Required: Calculate the amount of the (each) payment (show your work). Part B Required: Complete the amortization table FOR THE FIRST PAYMENT (round to the nearest dollar). Note: Although space has been provided to calculate ALL payments, ONLY the first payment (first line) will be marked. Part C Required: Prepare the journal entry to record the first payment on December 31, 202x. A Ff TA BI U S X2 x2 c? E E I to - Part A: Part B: Note Ending Beginning Balance Interest Expense Date Payable Cash Balance Dec 31, 202x Dec 31, 202y Dec 31, 2022 Part C: Date Account Titles and Explanation PR Debit Credit Dec 31 1 Extend Your Knowledge 14-4 PV Tables PV = PMT (1 + i)- i TABLE 14A.2 Present Value of an Annuity of 1 Period Rate 6% Periods 1% 2% 3% 4% 5% 7% 8% 9% 10% 12% 15% 1 2 3 4 5 6 7 8 9 10 11 12 0.9901 0.9804 0.9709 0.9615 0.9524 0.9434 0.9346 0.9259 0.9174 0.9091 0.8929 0.8696 1.9704 1.9416 1.9135 1.8861 1.8594 1.8334 1.8080 1.7833 1.7591 1.7355 1.6901 1.6257 2.9410 2.8839 2.8286 2.7751 2.7232 2.6730 2.6243 2.5771 2.5313 2.4869 2.4018 2.2832 3.9020 3.8077 3.7171 3.6299 3.5460 3.4651 3.3872 3.3121 3.2397 3.1699 3.0373 2.8550 4.8534 4.7135 4.5797 4.4518 4.3295 4.2124 4.1002 3.9927 3.8897 3.7908 3.6048 3.3522 5.7955 5.6014 5.4172 5.2421 5.0757 4.9173 4.7665 4.6229 4.4859 4.3553 4.1114 3.7845 6.7282 6.4720 6.2303 6.0021 5.7864 5.5824 5.3893 5.2064 5.0330 4.8684 4.5638 4.1604 7.6517 7.3255 7.0197 6.7327 6.4632 6.2098 5.9713 5.7466 5.5348 5.3349 4.9676 4.4873 8.5660 8.1622 7.7861 7.4353 7.1078 6.8017 6.5152 6.2469 5.9952 5.7950 5.3282 4.7716 9.4713 8.9826 8.5302 8.1109 7.7217 7.3601 7.0236 6.7101 6.4177 6.1446 5.6502 5.0188 10.3676 9.7868 9.2526 8.7605 8.3064 7.8869 7.4987 7.1390 6.8052 6.4951 5.9377 5.2337 11.2551 10.5753 9.9540 9.3851 8.8633 8.3838 7.9427 7.5361 7.1607 6.8137 6.1944 5.4206 12.1337 11.3484 10.6350 9.9856 9.3936 8.8527 8.3577 7.9038 7.4869 7.1034 6.4235 5.5831 13.0037 12.1062 11.2961 10.5631 9.8986 9.2950 8.7455 8.2442 7.7862 7.3667 6.6282 5.7245 13.8651 12.8493 11.9379 11.1184 10.3797 4.7122 9.1079 8.5595 8.0607 7.6061 6.8109 5.8474 14.7179 13.5777 12.5611 11.6523 10.8378 10.1059 9.4466 8.8514 8.3126 7.8237 6.9740 5.9542 15.5623 14.2919 13.1661 12.1657 11.2741 10.4773 9.7632 9.1216 8.5436 8.0216 7.1196 6.0472 16.3983 14.9920 13.7535 12.6593 11.6896 10.8276 10.0591 9.3719 8.7556 8.2014 7.2497 6.1280 17.2260 15.6785 14.3238 13.1339 12.0853 11.1581 10.3356 9.6036 8.9501 8.3649 7.3658 6.1982 18.0456 16.3514 14.8775 13.5903 12.4622 11.4699 10.5940 9.8181 9.1285 8.5136 7.4694 6.2593 22.0232 19.5235 17.4131 15.6221 14.0939 12.7834 11.6536 10.6748 9.8226 9.0770 7.8431 6.4641 25.8077 22.3965 19.6004 17.2920 15.3725 13.7648 12.4090 11.2578 10.2737 9.4269 8.0552 6.5660 29.4086 24.9986 21.4872 18.6646 16.3742 14.4982 12.9477 11.6546 10.5668 9.6442 8.1755 6.6166 32.8347 27.3555 23.1148 14.7928 17.1591 15.0463 13.3317 11.9246 10.7574 4.7791 8.2438 6.6418 13 14 15 16 17 18 19 20 25 30 35 40 PV Tables PV FV (1 + i)" TABLE 14A.1 Present Value of 1 Due in n Periods Rate 7% Periods 1% 2% 3% 4% 5% 6% 8% 9% 10% 12% 15% 1 2 3 4 0.9901 0.9803 0.9706 0.9610 0.9515 0.9420 0.9804 0.9612 0.9423 0.9238 0.9057 0.8880 0.8706 0.8535 0.8368 0.8203 0.9259 0.8573 0.7438 0.7350 0.6806 0.6302 0.5835 5 0.9346 0.8734 0.8163 0.7629 0.7130 0.6663 0.6227 0.5820 0.5439 0.9174 0.8417 0.7722 0.7084 0.6499 0.5963 0.5470 6 0.9091 0.8264 0.7513 0.6830 0.6209 0.5645 0.5132 0.4665 0.4241 0.3855 0.3505 7 0.9327 0.9434 0.8900 0.8396 0.7921 0.7473 0.7050 0.6651 0.6274 0.5919 0.5584 0.5268 0.4970 0.4688 0.4423 8 0.8929 0.7972 0.7118 0.6355 0.5674 0.5066 0.4523 0.4039 0.3606 0.3220 0.2875 0.2567 0.2292 0.2046 0.9235 0.5403 0.5019 9 10 0.9143 0.9053 0.8963 0.8874 0.8043 0.9709 0.9426 0.9151 0.8885 0.8626 0.8375 0.8131 0.7894 0.7664 0.7441 0.7224 0.7014 0.6810 0.6611 0.6419 0.6232 0.6050 0.5874 0.5703 0.5537 0.4776 0.4120 0.3554 0.3066 0.9615 0.9524 0.9246 0.9070 0.8890 0.8638 0.8548 0.8227 0.8219 0.7835 0.7903 0.7462 0.7599 0.7107 0.7307 0.6768 0.7026 0.6446 0.6756 0.6139 0.6496 0.5847 0.6246 0.5568 0.6006 0.5303 0.5775 0.5051 0.5553 0.4810 0.5339 0.4581 0.5134 0.4363 0.4936 0.4155 0.4746 0.3957 0.4564 0.3769 0.3751 0.2953 0.3083 0.2314 0.2534 0.1813 0.2083 0.1420 11 12 13 14 15 16 0.5083 0.4751 0.4440 0.4150 0.3878 0.3624 0.3186 0.2897 0.8787 0.8700 0.8696 0.7561 0.6575 0.5718 0.4972 0.4323 0.3759 0.3269 0.2843 0.2472 0.2149 0.1869 0.1625 0.1413 0.1229 0.1069 0.0929 0.0808 0.0703 0.0611 0.0304 0.0151 0.0075 0.0037 0.2633 0.2394 0.4173 0.1827 0.7885 0.7730 0.7579 0.7430 0.7284 0.7142 0.7002 0.6864 0.6730 0.6095 0.5521 0.5000 0.4529 17 0.5002 0.4632 0.4289 0.3971 0.3677 0.3405 0.3152 0.2919 0.2703 0.2502 0.2317 0.2145 0.1460 0.0994 0.0676 0.0460 0.8613 0.8528 0.8444 0.8360 0.8277 0.8195 0.7798 0.7419 0.7059 0.6717 18 0.4604 0.4224 0.3875 0.3555 0.3262 0.2992 0.2745 0.2519 0.2311 0.2120 0.1945 0.1784 0.1160 0.0754 0.0490 0.0318 0.3936 0.3714 0.3503 0.3305 0.3118 0.2330 0.1741 0.1301 0.0972 19 20 25 30 35 40 0.3387 0.3166 0.2959 0.2765 0.2584 0.1842 0.1314 0.0937 0.0668 0.2176 0.1978 0.1799 0.1635 0.1486 0.0923 0.0573 0.0356 0.0221 0.1631 0.1456 0.1300 0.1161 0.1037 0.0588 0.0334 0.0189 0.0107