On January 1, Year 1, Zero Company obtained a $52,000, 4-year, 6.5% installment note from Regional...
On January 1, Year 1, Zero Company obtained a $52,000, 4-year, 6.5% installment note from Regional Bank. The note requires annual payments of $15,179, beginning on December 31, Year 1. The December 31, Year 3 carrying amount in the allocation of periodic payments table for this installment note will be equal to
$6,463
$13,000
$14,252
$0
Homework Answers
$14,252
| Year | Beginning notes Payable | Interest Expense | Annual payment | Reduction of notes payable | Ending Notes Payable |
| a | b=a*6.5% | c | d=c-b | e=a-d | |
| 1 | $ 52,000 | $ 3,380 | $ 15,179 | $ 11,799 | $ 40,201 |
| 2 | $ 40,201 | $ 2,613 | $ 15,179 | $ 12,566 | $ 27,635 |
| 3 | $ 27,635 | $ 1,796 | $ 15,179 | $ 13,383 | $ 14,252 |
| 4 | $ 14,252 | $ 926 | $ 15,179 | $ 14,253 | $ -0 |
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