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On January 1, McNell Company borrows $141,000 cash by signing a four-year. 7% installment note. The note requires four equai payments consisting of accrued interest and principal on December 31 of each for the next four years. Required: 1. Compute the amount of each of the four equal payments. (Note: Use Table B.3 in Appendix B.) 2. Prepare an amortization table for this instaliment note. 3. Prepare the journal entries in which McNel Company records the following: (a) McNell Company borrows $141,000 cash by signing a four-year, 7% instaliment note. (b) Record the first payment on December 31, Year 1 . (c) Record the last payment on December 31, Year 4 . Complete this question by entering your answers in the tabs below. Compute the amount of each of the four equal payments. (Round the PV factor to four decimal places. Round your answer to the nearest whole dollar) On Jonuary 1, McNell Company borrows $141000 cash by signing a four-yeor, 7% instaliment note. The note requires four equal payments consisting of accrued interest and principal on December 31 of each for the next four years. Required: 1. Compute the amount of each of the four equal payments. (Note: Use Table. B. 3 in Append 8 ) 2. Prepare an amortization table for this installment note. 3. Prepare the joumal entries in which McNeil Company records the following: (a) McNeil Company borrows \$14t,000 cash by signing a four-year, 7% instaliment note. (b) Record the first payment on December 31, Yeor 1 . (d Record the last payment on December 31, Year 4. Complete this question by entering your answers in the tabs below. Prepare an amortization table for this installment note. (Round your intermediate calculations to the nearest dolar amount, Round wour answer to the nearest whoin dollars.) On January 1, McNell Company borrows $141,000 cash by signing a four-year, 7% instalment note. The note requires four equal poyments consisting of accrued interest and principal on December 31 of each for the next four years. Required: 1. Compute the amount of each of the four equal payments. (Note: Use Table B.3 in Appendix B.) 2. Prepare an amortization table for this installment note. 3. Prepare the journal entries in which McNeil Company records the following: (a) McNeil Company borrows $141,000 cash by signing a four-year, 7% instaliment note. (b) Record the first palyment on December 31, Year 1. (d) Recard the last payment on December 31, Year 4. Complete this question by entering your answers in the tabs below. Prepare the joumal entries in which McNell Company records the following: (a) Mctiel Company borrows $141,000 cash by signing a four-year, 7% installment note. (b) Fecord the first payment on December 31, Year 1. (c) Record the last poyment on December 31, Year 4
