Question
On January 1, Zero Company obtained a $52,000, 6.5%, 4-year installment note from Regional Bank. The note requires annual payments consisting of principal and interest
On January 1, Zero Company obtained a $52,000, 6.5%, 4-year installment note from Regional Bank. The note requires annual payments consisting of principal and interest of $15,179, beginning on December 31 of the current year. The December 31, Year 1, carrying amount in the amortization table for this installment note will be equal to
a.$40,201
b.$36,821
c.$48,620
d.$27,635
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, G. Richard Chesley, Ray Carroll
6th Canadian Edition
0070915164, 9780070915169
