Homework Answers
1. Cash A/c Dr. $2,80,000
To 8% Loan A/c $2,80,000
2. Annual Installment = $ 70128
Interest expense = $ 22,400
( 2,80,000 * 8% )
Principal payment = $ 47728
( 70128 - 22400 )
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QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows...
QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows...
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On January 1, MM Co. borrows $350,000 cash from a bank and in return signs an...
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note for five annual payments of $78,619 each. 1. Prepare the
journal entry to record issuance of the note. 2. For the first
$78,619 annual payment at December 31, what amount goes toward
interest expense? What amount goes toward principal reduction of
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Required information [The following information applies to the questions displayed below.) On January 1, MM Co....
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Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash...
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QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows $360,000 cash from a bank and in return signs an 8% installment note for five annual payments of $90,164 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $90,164 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note?
Check my work On January 1, MM Co. borrows $370,000 cash from a bank and in return signs an 4% installment note for five annual payments of $83,112 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $83,112 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2...
4100 Saved On January 1, MM Co, borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $85,155 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? 0:24 Complete this question by entering your answers in the tabs below. Required 1 Required 2...
On January 1, MM Co. borrows
$350,000 cash from a bank and in return signs an 4% installment
note for five annual payments of $78,619 each. 1. Prepare the
journal entry to record issuance of the note. 2. For the first
$78,619 annual payment at December 31, what amount goes toward
interest expense? What amount goes toward principal reduction of
the note?
On January 1, MM Co. borrows $350,000 cash from a bank and in return signs an 4% installment...
On January 1, 2018, MM Co. borrows $330,000 cash from a bank and in return signs an 4% installment note for five annual payments of $74,127 each, with the first payment due one year after the note is signed. 1. Prepare the journal entry to record issuance of the note 2. For the first $74127 annual payment at December 31, 2018, what amount goes toward interest expense? What amount goes toward principal reduction of the note? & Answer is complete...
Required information [The following information applies to the questions displayed below.) On January 1, MM Co. borrows $310,000 cash from a bank and in return signs an 4% installment note for five annual payments of $69.634 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $69,634 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers...
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $4,512, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet...
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022 Prepare the journal entries for Eagle to record the note's issuance and the four payments (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Eagle borrows $35,000 cash by signing a four-year, 7% installment...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) 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. View transaction list...
On January 1, 2018, Eagle borrows $22,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $6,349, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations and final answers to the nearest dollar amount. Round all table values to 4 decimal places, and use the rounded table...
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