Problem IV (continued)

Part B: (3.5 points)

Calculate the amount of each installment payment on the note and complete the amortization below. Round the installment payment amount to the nearest whole dollar.

Each Installment Payment Amount = $ _________

Variables	Amount
PV
n
r
PMT	?

Date	Cash Paid	Interest Expense	Reduction in CV	Carrying Value (CV)
4/1/23
4/1/24
4/1/25
4/1/26
Total

Part C: In the general journal below, prepare the 12/31/23 adjusting entry for accrued interest and the entry to record the first installment payment on 4/1/24. Round interest calculations to the nearest whole month and dollar. (5.5 points)

Date	Amount	Debit	Credit
12/31/2023
4/1/2024