Question Help E7-29A (similar to) Suppose Fan, Inc., signed a $760,000, 15-year, 6% note payable to finance the expansion of its business on January 1, 2010. The terms provide for semiannual payments of $39,000 on June 30 and December 31, 2010. On the December 31, 2010, balance sheet, how much will Fan show as the principal of this note payable? (Round your answers to the nearest cent.) Determine the principal of this note payable by completing the amortization schedule for 2010 (2) (3) (5) Semi- Cash Interest (4) Principal paid (2)-(3) Beginning principal balance annual payment Ending principal balance (1) - (4) expense (1) x 6% x 6/12 June 30 E7-30A (similar to) Question Help On January 1, Vince Langley borrowed $10,000 on an eight-month, 6% note from State Bank of Rhode Island to open a business, Cyber Cafe. The debt was in the company's name. The note and interest will be repaid on August 31. 1. Use the accounting equation to show how Cyber Cafe would record the receipt of the funds. 2. Suppose Cyber Cafe wants to prepare an income statement for the month of January. Use the accounting equation to show how the firm will accrue interest for the month. 3. Assume that Cyber Cafe accrues the interest expense related to this note at the end of each month. What is the balance in the interest payable account on June 30? 4. Use the accounting equation to show how the firm would record the transaction on August 31, when the loan is repaid with the interest. (Assume 3. above was completed.) 1. Use the accounting equation to show how Cyber Cafe would record the receipt of the funds. Some of the account names will be abbreviated. (Use parentheses or a minus sign when entering component decreases. Use only the necessary input lines.) Shareholders' Equity Assets Liabilities Contributed Capital Retained Earnings $ Account $ Account $ Account $ Account + Choose from any list or enter any number in the input fields and then click Check