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Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note, face amount $30,000 with time to maturity of

Computing Installment Payment on Note Payable a. How much is each annual installment payment? Note: Do not use a negative sigCash Inventory Equipment Land Deferred Revenue Bonds Payable Discount on Bonds Payable Discount and Debt Issuance Costs Premi
Debt Conversion Expense Interest Expense Loss on Redemption of Bonds Gain on Redemption of Bonds Unrealized Gain or Loss-Inco 

Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note, face amount $30,000 with time to maturity of 6 years. The interest rate is 7% and equal annual installment payments will pay off the loan after six years. a. How much is each annual installment payment? Note: Do not use a negative sign with your answer. Note: Round your answer to the nearest whole dollar. $0 b. Record the first installment payment on December 31, 2020. Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order. Date Dec. 31, 2020 Account Name + Dr. 0 0 0 Cr. 0 0 0 Cash Inventory Equipment Land Deferred Revenue Bonds Payable Discount on Bonds Payable Discount and Debt Issuance Costs Premium on Bonds Payable Fair Value Adjustment-Bonds Payable Note Payable Discount on Note Payable Premium on Note Payable Fair Value Adjustment-Note Payable Interest Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital-Stock Warrants Retained Earnings-Prior Period Adjustment Debt Conversion Expense Interest Expense Loss on Redemption of Bonds Gain on Redemption of Bonds Loss-Income Unrealized Gain or Unrealized Gain or Loss-OCI

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