On January 1, McNell Company borrows $100,000 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 $100,000 cash by signing a four-year, 9% instaliment note. (b) Record the first payment on December 31, Year 1 . (d) Record the last payment on December 31, Year 4. Complete this question by entering your answers in the tabs below. 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.) On January 1, McNell Company borrows $100,000 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 McNell Company records the following: (a) McNeil Company borrows $100,000 cash by signing a four-year, 9% installment note. (b) Record the first payment on December 31, Year 1 . (d) Record the last payment on December 31, Year 4. Complete this question by entering your answers in the tabs below. 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.) Complete this question by entering your answers in the tabs below. Prepare the journal entries in which MeNell Company records the following: (a) McNeil Company borrows $100,000 cash by signing a four-year, 9% instaliment note. (b) Record the first payment on December 31 , Year 1 . (c) Record the last payment on December 31 , Year 4 . Journal entry worksheet Record McNeil Company's borrowing of $100,000 cash by signing a four-year, 9% instaliment note. Mote Iinter debits before cred th. Complete this question by entering your answers in the tabs below. Prepare the joumal entries in which McNeil Company records the following: (a) McNeil Company borrows $100,000 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 . Journal entry worksheet Record the first instaliment payment on December 31 , Year 1. Pote: Enter detis before credits. Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $100,000 cash by signing a four-year, 9% instaliment note. (b) Record the first payment on December 31 , Year 1 . (c) Record the last payment on December 31 , Year 4. Journal entry worksheet Record the last installment payment on December 31 , Year 4 . Note: Enter debits before creans
