Required information [The following information applies to the questions displayed below] On January 1, 2024, Monster Corporation borrowed $10 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $2,952,281 on December 31 of each year. The payments include interest at a rate of 7%. Required: 1. Record the cash received when the note is issued. (If no entry is required for a particular transaction/event, select "No Journal entry Required" in the first account field. Enter your answer in dollars, not millions (i.e., $5.5 million should be entered as 5,500,000) Journal entry worksheet Required information [The following information applies to the questions displayed below.] On January 1, 2024, Monster Corporation borrowed $10 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $2,952,281 on December 31 of each year. The payments include interest at a rate of 7%. 2. Prepare an amortization schedule over the four-year life of the installment note. (Round your final answers to the nearest dollar amount. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).) Required information [The following information applies to the questions displayed below.] On January 1, 2024, Monster Corporation borrowed $10 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $2,952,281 on December 31 of each year. The payments include interest at a rate of 7%. 3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).) Journal entry worksheet Journal eniry worksheet Record the payment of second installment. Note: Enter debits before credits. 3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particul transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millio million should be entered as 5,500,000.).) Journal entry worksheet 4 Record the payment of third installment. Note: Enter debits before credits. 3. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).) Journal entry worksheet Record the payment of the fourth installment. Notet Enter debits before credits
