Question

On January 1, 2017, Eagle borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Paviments (C) Period Ending Beginning Debit Interest Credit Ending Dobit Notes Payable Bance Cash Balance 33,000 $ $ 9.5245 2017 2018 Expense 1,980 1,527 1048 7,544 7997 25456 9.524 17.459 2019 17.459 $ $ 8,476 9.424 2020 8.903 541 8 983 5 9524 Total 5,096 $ 33,000 $ Commun 37.996

Answer 1

Amortization table for the Interest note is as prepared below:

Payments
	(A)	(B)	(C )	(D)	(E )
Period Ending Date	Beginning Balance	Debit Interest Expense	Debit Notes Payable	Credit Cash	Ending Balance
2017	33,000	1,980	7,544	9,524	25,456
2018	25,456	1,527	7,997	9,524	17,459
2019	17,459	1,048	8,476	9,524	8,983
2020	8,983	541	8,983	9,524	-0
Total		5,096	33,000	38,096