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On July 1, 2020, Swifty Ltd. borrowed $20,000 by signing a two-year, 3% note payable. The note is payable in two annual instalments of $10,452
On July 1, 2020, Swifty Ltd. borrowed $20,000 by signing a two-year, 3% note payable. The note is payable in two annual instalments of $10,452 on June 30. The company records adjusting journal entries annually at year end on December 31. (a) Prepare an instalment payment schedule for the term of the note. (Round answers t dollar, e.g. 5,255.) Annual Interest Period Cash Payment Interest Expense July 1, 2020 June 30, 2021 $ $ June 30, 2022 le for the term of the note. (Round answers to the nearest whole Reduction of Principal Principal Balance $ $
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