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please make sure work is not cut off At the end of each year, you plan to deposit $3,400 in a savings account. The account
please make sure work is not cut off
At the end of each year, you plan to deposit $3,400 in a savings account. The account will earn 6% annual interest, which will be added to the fund balance at year-end. The first deposit will be made at the end of Year 1. (EV of $1. PV of S1. FVA S1, and PVA of S1) (Use the appropriate factor(s) from the tables provided.) Required: 1. Assume you follow GAAP. Prepare the required journal entry at the end of Year 1. 2. What will be the balance in the savings account at the end of the 10th year (le, after 10 deposits)? 3. What is the interest earned on the 10 deposits? 4. How much interest revenue did the fund earn in the second year? In the third year? 5. Assume you follow GAAP. Prepare the all required journal entries at the end of the second and third years. Complete this question by entering your answers in the tabs below. Req1 Reg 2 and 3 Reg 4 Reg 5 Prepare the all required journal entries at the end of the second and third years. (If no entry is required for a transaction/event, select *No journal entry required in the first account field. Round your answers to nearest whole dollar) TL View transaction list View Journal entry worksheet Debit General Journal Credit Data No 1 3,616 December 31 Savings account Cash Interest revenue 3,400 216 2 Do Savings account Step by Step Solution
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