apter 14-Homework Saved Help Save & ExitSubmit Check my work 8 Exercise 14-11 In

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apter 14-Homework Saved Help Save & ExitSubmit Check my work 8 Exercise 14-11 Installment note entries LO C1 On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment payments of S9.360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Table 8.1, Ta intermediate calculations and final answers to the nearest dollar amount. Round all table values to 4 decimal places and use the rounded table values in calculations.) note. The note requires four equal nts ble B.2. Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided. Round your Skipped eook Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31.2017. through December 31, 2020. Print View transaction list Journal entry worksheet Prev 8 of 8 Next 0

Explanation / Answer

Solution:

Preparing the Journal Entries for Eagle to Record the Loan on January 1, 2017 and the Four Payments from December 31, 2017 through December 31, 2020:

Interest Rate Initial Note Balance / Table Value = Amount of Each Payment 8.00% $31,000 / 3.3121 = $9,360

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