Question
On January 1, a company borrowed cash by issuing a $310,000, 4%, installment note to be paid in 3 equal payments at the end of
On January 1, a company borrowed cash by issuing a $310,000, 4%, installment note to be paid in 3 equal payments at the end of each year beginning December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
What would be the amount of each installment?
how do I prepare the journal entry for the second installment payment.
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
