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Lake Company sold some machinery to View Company on January 1, 2017, for which the cash selling price was $758,200. View entered into an installment

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Lake Company sold some machinery to View Company on January 1, 2017, for which the cash selling price was $758,200. View entered into an installment sales contract with Lake at a 10% interest rate. The contract required payments of $200,000 a year over five years with the first payment due on December 31, 2017. Required: Prepare an amortization schedule that shows what portion of each $200,000 payment will be shown as interest income over the period 20172021. (Round your answers to the nearest whole dollar amount.) Date Payments Interest Income Reduction of Principal Net Installments Due 1/1/17 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21

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