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Question 4 (7 marks 14 minutes) On April 1,20x1, Campbell Furniture Inc. took out a bank loan for $400,000 at a rate of 4%. Annual

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Question 4 (7 marks 14 minutes) On April 1,20x1, Campbell Furniture Inc. took out a bank loan for $400,000 at a rate of 4%. Annual payments of interest and principal must be ropaid over 3 years on March 31of each year, with 1/3 of the principal being repaid each year. The first payment is due March 31, 20x2. Required - Prepare the amortization schedule for thin loan (4 marks) Campboll Furniture Inc. has a December 31 year end. Prepare the adjusting entry from December 31, 20x2, assuming all other entries had been recorded correctly to date

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