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On January 1 of the current year, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments

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On January 1 of the current year, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each of the four years. Principal Term Interest rate Annual payments Required: Prepare an amortization table for this installment note. Period Ending Date 12/31/2023 12/31/2024 12/31/2025 12/31/2026 Total $100,000 4 years 7% $29,523 Payments (B) Debit (C) Debit Notes Payable Balance Interest Expense Graded Worksheet (E) Ending (D) Credit Cash Balance

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