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Saved Help Pockets lent $ 2 6 , 0 0 0 to Lego Construction on January 1 , 2 0 2 4 . Lego signed
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Pockets lent $ to Lego Construction on January Lego signed a threeyear, installment note to be paid in three equal payments at the end of each year.
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Required:
Prepare the journal entry on January for Pockets' lending the funds.
Calculate the amount of one installment payment.
Prepare an amortization schedule for the threeyear term of the installment note.
Prepare Pockets' journal entry for the first installment payment on December
Prepare Pockets' journal entry for the third installment payment on December
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Prepare Pockets' journal entry for the first installment payment and third installment payment on December and
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
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tableNoDate,General Journal,Debit,CredittableDecember Interest expense,Notes payable,Cash,tabletableDecember Interest expense,Notes payable,Cash,,
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