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Required information [The following information applies to the questions displayed below.] Killion Company needs to purchase new equipment, but does not have enough cash to
Required information [The following information applies to the questions displayed below.] Killion Company needs to purchase new equipment, but does not have enough cash to purchase it outright. Therefore, on 1/1/21, Killion finances the purchase of the equipment by borrowing $29,000 on a 4-year, 5% installment loan. The loan specifies that Killion needs to make 4 payments of $8,178 once a year for the next four years. Each installment payment goes towards both accrued interest and the principal on the loan. Each installment payment is made on December 31. Prepare an amortization table for this installment note. Note: Round all amounts to the nearest whole dollar
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