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On January 1 , McNeil Company borrows $ 1 2 1 , 0 0 0 cash by signing a four - year, 9 % installment
On January McNeil Company borrows $ cash by signing a fouryear, installment note. The note requires four equal payments consisting of accrued interest and principal on December of each for the next four years.
Required:
Compute the amount of each of the four equal payments. Note: Use Table B in Appendix B
Prepare an amortization table for this installment note.
Prepare the journal entries in which McNeil Company records the following:
a McNeil Company borrows $ cash by signing a fouryear, installment note.
b Record the first payment on December Year
c Record the last payment on December Year
Complete this question by entering your answers in the tabs below.
Req
Req
Req to
Prepare an amortization table for this instaliment note.
Note: Round your Intermediate calculations to the narest dollar amount. Round your answer to the nearest whole dollars.
tablePeriodtableBeginningBalancetableDebit InterestExpenseDebit Notes Payable,Credit Cash,Ending BalanceYear Year Year Year Total$$
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