Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $29,000 cash by signing a four-year, 5% Installment note. The note requires four equal payments of $8,178, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. 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. Payments Period Ending (A) Beginning (B) Debit Interest (C) Debit Notes Balance Expense Payable Date 2021 2022 2023 2024 Total (D) Credit Cash (E) Ending Balance
Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $29,000 cash by signing a four-year, 5% Installment note. The note requires four equal payments of $8,178, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. 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. Payments Period Ending (A) Beginning (B) Debit Interest (C) Debit Notes Balance Expense Payable Date 2021 2022 2023 2024 Total (D) Credit Cash (E) Ending Balance
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
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On January 1, 2021, Eagle Company borrows $29,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $8,178, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024.
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