Help Save &Exit; Submit Check my werk On January 1, a company borrowed cash by i

Question

Help Save &Exit; Submit Check my werk On January 1, a company borrowed cash by issuing a $430,000, 4%, installment note to be paid in three equal payments at the end of each year beginning December 31 evorsi, PV of $1. EVA of?PVA ors1. EVAD ofS1 and PVAD ors) (use appropriate factor(s) from the tables provided.) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second installment payment Complete this question by entering your answers in the tabs below. General Annual Amort TableJournal Payment What would be the amount of each installment? (Round final answers to the nearest whole dollar:) of $1 430,000 n a 4.0% rch

Explanation / Answer

Annual payment Table of Calculator function: 2.7751 Amount borrowed: 430000.00 period of loan 3.00 Rate of Interest 0.04 Annual payment 154949.37 Amort Chart: Cash Interest Decrease in Outstanding Payment expense Balance Balance Inception 430000.00 1 154949 17200 137749 292251.00 2 154949 11690 143259 148992.00 3 154949 5957.00 148992 0.00 Total 464847 34847 430000 Journal entry for second Instalment: 31.12. Yr-2 4% Instalment note payable Account Dr. 143259.00 Interest expense Account Dr. 11690.00         Cash account 154949

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