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On January 1,201, Lawrence Lenders loaned $9.2 million to Wikins Food Products, Inc, to purchase a frozen food storage facility. Wilkins signed a three-year, 6%

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On January 1,201, Lawrence Lenders loaned $9.2 million to Wikins Food Products, Inc, to purchase a frozen food storage facility. Wilkins signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. (FV of $1. PY of S1. FVA of S1, PVA of S1. FVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the following for Lawrence Lenders: 1. Prepare the journal entry for lending the funds on January 1,201. 2. Prepare an amortization schedule for the three-year term of the instaliment note. 3. Prepare the journal entry for the first installment payment recelved on December 31,202. 4. Prepare the joumal entry for the third installment payment recelved on December 31,203. Complete this question by entering your answers in the tabs below. Prepare an amortization schedule for the three-year term of the installment note. (Enter vour answers in whole dollars.)

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