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https:/ ter 14-Homework 14 -Homework Saved Help Save & Exit Submi Check my work On January 1, 2017, Eagle borrows $32,000 cash by signing a four year, 9% installment note. The note requires four equal payments of $9.877. consisting of accrued interest and principal on December 31 of each year from 2017 thro Table B.1. Table B.2. Table B.3, and Table B.4) (Use appropriate factorfs) from the tables provided.) Prepare an amortization table for this installment note. Payments kipped IE) Period Ending Date 2017 2018 2019 2020 Total Debit Interest Debit Notes Credit Cash eBook Ending Balance Beginning Print Balance Expense Payable

Explanation / Answer

SOLUTION

(A) (B) = (A*9%) (C) = (D-B) (D) (E) = (A-C) Period ending date Beginning balance ($) Debit interest expense ($) Debit notes payable ($) Credit cash ($) Ending balance ($) 2017 32,000 2,880 6,997 9,877 25,003 2018 25,003 2,250 7,627 9,877 17,376 2019 17,376 1,563 8,314 9,877 9,062 2020 9,062 815 9,062 9,877 0 Total 7,508 32,000 39,508

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