On January 1, McNeil Company borrows $139,000 cash by signing a four-year, 9% installment note. The note requires four equal payments consisting of accrued interest and principal on December 31 of each for the next four years. Required: 1. Compute the amount of each of the four equal payments. (Note: Use Table B.3 in Appendix B.) 2. Prepare an amortization table for this installment note. 3. Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $139,000 cash by signing a four-year, 9% installment note. (b) Record the first payment on December 31, Year 1 (c) Record the last payment on December 31, Year 4. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3A to 30 Compute the amount of each of the four equal payments. (Round the PV factor to four decimal places. Round your answer to the nearest whole dollar.) Amount of each payment Reg 1 Req 2 > On January 1, McNeil Company borrows $139,000 cash by signing a four-year, 9% installment note. The note requires four equal payments consisting of accrued interest and principal on December 31 of each for the next four years. Required: 1. Compute the amount of each of the four equal payments. (Note: Use Table B.3 in Appendix B.) 2. Prepare an amortization table for this installment note. 3. Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $139,000 cash by signing a four-year, 9% installment note. (b) Record the first payment on December 31, Year 1. (0) Record the last payment on December 31, Year 4. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 Reg 3A to 30 Prepare an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount. Round your answer to the nearest whole dollars.) Period Beginning Balance Debit Interest Expense Debit Notes Payable = Credit Cash Ending Balance Year 1 Year 2 Year 3 Year 4 Total Req 1 Reg 2 Req 3A to 30 Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $139,000 cash by signing a four-year, 9% installment note. (b) Record the first payment on December 31, Year 1. (c) Record the last payment on December 31, Year 4. Show less View transaction list Journal entry worksheet Record McNeil Company's borrowing of $139,000 cash by signing a four-year, 9% installment note. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry View general journal Reg 1 Reg 2 Reg 3A to 30 Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $139,000 cash by signing a four-year, 9% installment note. (b) Record the first payment on December 31, Year 1. (c) Record the last payment on December 31, Year 4. Show less View transaction list Journal entry worksheet Record the first installment payment on December 31, Year 1. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Reg 1 Reg 2 Reg 3A to 3C Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $139,000 cash by signing a four-year, 9% installment note. (b) Record the first payment on December 31, Year 1. (c) Record the last payment on December 31, Year 4. Show less View transaction list Journal entry worksheet
