$|$Problem One:

On January $1,2024,$ Saugatuck Company borrowed $$250,000$ for $5$ years at $6\%$ interest. The loan requires $5$ annual payments of $$59,349\mathrm{.}10($round computations to the nearest PENNY$).$

Complete the amortization schedule for this loan.

$\backslash$table$[[,,,,],[$Date$,$Cash Payment,Interest Expense,Reduction in Carry Value,Carry Value$],[\frac{1}{1}\frac{?}{24},,,,],[\frac{12}{31}\frac{?}{24},,,,],[\frac{12}{31}\frac{?}{25},,,,],[\frac{12}{31}\frac{?}{26},,,,],[\frac{12}{31}\frac{?}{27},,,,],[\frac{12}{31}\frac{?}{28},,,,]]$

Provide the journal entry to record loan at inception.

Problem Two: On January $1,2024,$ Swansea Corporation borrowed $$15,000$ for $5$ years at $4\%$ interest. The loan requires monthly payments of $$276\mathrm{.}25($round computations to the nearest PENNY$).$

Complete the amortization schedule for this loan.

$\backslash$table$[[,,,],[$Date$,$Cash Payment,Interest Expense,Reduction to Carry Value$]]$