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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2020, Eagle
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2020, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2020 through 2023. Exercise 10-12 (Algo) Installment note amortization table LO C1 Prepare an amortization table for this installment note. Note: Round all amounts to the nearest whole dollar. Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2020, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2020 through 2023. Exercise 10-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. Journal entry worksheet Eagle borrows $33,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2020. Note: Enter debits before credits. Journal entry worksheet Record the payment of the first installment payment of interest and principal on December 31,2020. Note: Enter debits before credits. Journal entry worksheet Record the payment of the second installment payment of interest and principal on December 31, 2021. Note: Enter debits before credits. Journal entry worksheet Record the payment of the third installment payment of interest and principal on December 31,2022. Note: Enter debits before credits. Journal entry worksheet Record the payment of the fourth installment payment of interest and principal on December 31,2023 . (Hint: Make sure that the balance in Notes payable is $0 after this entry.) Note: Enter debits before credits
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