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On January 1,2024 , a company borrows cash from a local bank by issuing a note to be repaid in installments. The details of the
On January 1,2024 , a company borrows cash from a local bank by issuing a note to be repaid in installments. The details of the installment note are provided below. Required: 1 1. Complete the amortization table based on the information above. 12 2. Prepare the journal entry for issuance of the note. 13 3. Prepare the journal entry for the first installment payment on December 31, 2024. 4. Prepare the journal entry for the second installment payment on December 31, 2025. Requirement 1: Amortization Schedule (Use cells A2 to B8 from the given information above to complete this question. All values should be shown as positive amounts.) 26 Requirement 2: Journal Entry for Issuance of Note on January 1, 2024 (Use cells A2 to B8 from the given information above to complete this question.) Requirement 3: Journal Entry for First Installment Payment on December 31, 2024 (Use cells A2 to B8 from the given information above to cotmplete this question.) 41 Requirement 4: Journal Entry for Second Installment Payment on December 31, 2025 42 (Use cells A2 to B8 from the given information above to complete this question.)
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