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On the first day of the fiscal year, a company issues a $45,000, 8%, six-year installation note that has annual payments of $9,734. The first
On the first day of the fiscal year, a company issues a $45,000, 8%, six-year installation note that has annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 of principle repayment.
a. Journalize the entry to record the issuance of the installment note.
b. Journalize the first annual note payment.
c. Prepare a loan amortization schedule
(Please help part c. Thanks)
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