Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve it. (correct answer) On December 31, 2020, Sack Port Ventures inc, borrowed $92,000 by signing a four-year, 6.0% installment note. The note requires

please solve it. (correct answer)
image text in transcribed
image text in transcribed
On December 31, 2020, Sack Port Ventures inc, borrowed $92,000 by signing a four-year, 6.0% installment note. The note requires annual payments of accrued interest and equal amounts of principal on December 31 of each year from 2021 through 2024. 0. How much principal will be included in each of the four payments? b. Prepare an amortization table for this instaliment note. (Round the finol answers to the nearest whole dollor. Enter all the amounts os positive values.) c. Prepare journal entries that Sack Port Ventures Inc. would make to record the loan on December 31, 2020, and the four payments starting on December 31, 2021, through the final payment on December 31, 2024. (Do not round intermediate calculations. Round the final answers to the nearest whole dollor.) Journal entry worksheet 5 Record the borrowal of $92,000 by signing a 6.0% installment note. Note: Enter debses bedore credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

5th Edition

9781118560952, 1118560957, 978-0470239803

More Books

Students also viewed these Accounting questions

Question

Q.1. Taxonomic classification of peafowl, Tiger and cow ?

Answered: 1 week ago

Question

Q .1. Different ways of testing the present adulterants ?

Answered: 1 week ago

Question

Q.1. Health issues caused by adulteration data ?

Answered: 1 week ago