html -10 Help Save & Ch Exercise 10-10 Installment note with equal total payment

Question

html -10 Help Save & Ch Exercise 10-10 Installment note with equal total payments LO C1 On January 1, 2017, Eagle borrows S18000 cash by signing a four-year, 9% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2017 through 2020. (Table B1. Iable B2. Iable B.3. and Table B.4) (Use appropriate factor(s) from the tables provided.) Prepare an amortization table for this installment note Ending Ending Beginning Debit Interest Debit Notes Credit Payable Date 2015 2016 2018

Explanation / Answer

Solution:-

Amortization table:-

Amount of each of the four equal total payments:-

Note:- Answer is rounded to 0 decimal palces.

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Period ending date Beginning balance Debit interest expense Debit notes payable Credit cash Ending balance 2017 18,000 1,620 3,936 5,556 14,064 2018 14,064 1,266 4,290 5,556 9,774 2019 9,774 880 4,676 5,556 5,098 2020 5,098 459 5,098 5,556 Total 4,225 18,000 22,224

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