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On January 1 of Year 1, Bryson Company obtained a $147,750, 4-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620,
On January 1 of Year 1, Bryson Company obtained a $147,750, 4-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on December 31 of Year 1. Question Content Area a. Prepare a table for this installment note, similar to the one presented in Exhibit 4. Enter all amounts as positive numbers. (Note: Due to rounding, the Year 4 Interest expense is provided.) Round the computation of the interest expense to the nearest whole dollar. If an amount box does not require an entry, leave it blank. Amortization of Installment Notes For the Year Ending Dec. 31 January 1 Carrying Amount Note Payment (Cash Paid) Interest Expense (7% of January 1 Note Carrying Amount) Decrease in Notes
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