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Exercise 10-11 Installment note entries LO C1 On January 1, 2017, Eagle borrows $24,000 cash by signing a four-year, 8% Insta


Exercise 10-11 Installment note entries LO C1 On January 1, 2017, Eagle borrows $24,000 cash by signing a four-year, 8% insta
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Answer #1
Debit Credit
Jan 01,2017 Cash 24000
     Notes payable 24000
Dec 31, 2017 Interest expense 1920 =24000*8%
Notes payable 5326
       Cash 7246
Dec 31, 2018 Interest expense 1494 =(24000-5326)*8%
Notes payable 5752
       Cash 7246
Dec 31, 2019 Interest expense 1034 =(24000-5326-5752)*8%
Notes payable 6212
       Cash 7246
Dec 31, 2020 Interest expense 536 =(24000-5326-5752-6212)*8%
Notes payable 6710
       Cash 7246
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