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On January 1,2021, Eagle Company borrows $32,000 cash by signing a four-year, 9% installment note. The note requires four equal payments of $9,877, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024.
Prepare an amortization table for this installment note.
Note: Round all amounts to the nearest whole dollar.
\table[[Payments],[\table[[\table[[Period Ending],[Date]]]],\table[[(A) Beginning],[Balance]],\table[[(B) Debit Interest],[Expense]],\table[[(C) Debit Notes],[Payable]],(D) Credit Cash,\table[[(E) Ending],[Balance]]],[\table[[2021,]]],[2022],[2023],[2024],[Total,,$,,$,]]
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