Required: Provide input into cells shaded in yellow in this template. Use the PMT function with cell references to the Problem area and use mathematical formulas with cell references to the Problem area or work area as indicated for transactions.

AutoSave OCH BETA Gradable Excel Brief Exercise 10.19 PMT, Subtract, Multiply 1 evalresponsexlx - Protected View Search (Alt-01 Similoluwa Oyinklade so Comments Share x N 0 P 0 R File Home Insert Draw Page Layout Formulas Data Review View Help Acrobat PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit. it's safer to stay in Protected View Enable Editing 08 vix fx B D E F G H 1 K M Function: PMT; Formula: Subtract, Multiply; Cell referencing 2 Using Excel to Calculate Loan Payments and Prepare Entries Student Work Area for Long-Term Notes Payable Required: Provide input into cells shaded in yellow in this template. Use the PROBLEM PMT function with cell references to the Problem area and use mathematical Jenseng Inc. issues a 10-year mortgage loan to obtain financing on formulas with cell references to the Problem area or work area as indicated for / a new building on December 31, 2022 with the following information: transactions. 6 9 Mortgage loan amount $ 800.000 10 Annual interest rate 10% Verification of payment using PMT $ 130,196 11 Loan term in years 10 12 Annual installment payment 130.196 Partial amortization schedule to aid in journal entries: 13 Interest Cash Interest Reduction of Principal 14 Verify the annual mortgage payment amount using Excel's PMT Period Payment Expense Principal Balance 15 function. Prepare the entry to record the mortgage loan on Dec. 31, 22 $ 800,000 16 December 31, 2022, and the first installment payment Dec. 31, 23 $ 130.1961 80,000 $ 50.196 749,804 1 on December 31, 2023. 16 19 Date Debit Credit 20 12/31/22 Cash 800,000 21 Mortgage Experise 800,000 22 23 12/31/23 Interest Expense 80,000 24 Mortgage Expense 50,196 25 Cash 130,196 26 27 28 29 30 31 32 Summary Enter Answer Ready > 100%