@ Chaoter 6Quiz-201 730 x \\ G advantages in simply ti x/ connect × eAccounting

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@ Chaoter 6Quiz-201 730 x G advantages in simply ti x/ connect × eAccounting question ICI x C | connect.htrri I https://new cor Down nad music, Secure ::: Apps Ro k marks m- Ru utemame Rlackboard earn The Ricklist Watch O "atm Ma es Onlir HRU Port -Top 100 M ies of A How to Dr etNa e Tool TH2 w r Rase l my it k Chap 7 Probs 26 & 30 G Help Save & Exit Submit Check my work 2 Required information Part 1 of 4 The following information applies to the questions displayed belowj On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $70,500 face value, four-year term note that had an 5 percent annual interest rate. The note is to be repaid by making annual cash payments of $19,882 that include both Interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $35,250 cash per year. 10 points cBonk Required References a. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.) BROWN Co Amortization Schedule Principal Balance Cash Payments Applied to Interest Applied to Principal Principal Balance End of Period Year 2018 2019 2020 2021 on January 1 December 31 Hill O Type here to search 21 PM 11/16/2017

Explanation / Answer

Year Prinicipal bal on Jan 1 Cash payments Dec 31 Applied to interest Applied to principal Principal balance end of period 2018 70500 19882 3525 16357 54143 2019 54143 19882 2707 17175 36968 2020 36968 19882 1848 18034 18934 2021 18934 19882 948 18934 0

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